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Author Question: Which of the following are major difficulties auditors face when allocating materiality to balance ... (Read 52 times)

najmarocks25

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Question 1

When allocating performance materiality,
◦ it is easy to predict in advance which accounts are most likely to be misstated.
◦ only overstatements need to be considered.
◦ professional judgment is critical.
◦ the sum of all the performance materiality levels cannot exceed the preliminary judgment about materiality.

Question 2

Which of the following are major difficulties auditors face when allocating materiality to balance sheet accounts?

Certain accounts contain 
more misstatements 
than others.
Only overstatements
need be considered.
Audit costs can
affect allocation.
YesNo Yes


Certain accounts contain 
more misstatements 
than others.
Only overstatements
need be considered.
Audit costs can
affect allocation.
YesYesNo


Certain accounts contain 
more misstatements 
than others.
Only overstatements
need be considered.
Audit costs can
affect allocation.
YesYes Yes



Certain accounts contain 
more misstatements 
than others.
Only overstatements
need be considered.
Audit costs can
affect allocation.
NoYesNo


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Marked as best answer by najmarocks25 on Aug 21, 2022

xinyiff

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najmarocks25

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Reply 2 on: Aug 21, 2022
Great answer, keep it coming :)


pangili4

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Reply 3 on: Yesterday
Excellent

 

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