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Author Question: Income before taxes is often used by the auditor as a benchmark for materiality. Once income before ... (Read 46 times)

kmoyer2

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on: Aug 21, 2022

Question 1

Which of the following is part of planning?
◦ Set materiality for the financial statements as a whole.
◦ Estimate total misstatement in the segment.
◦ Estimate the combined misstatement.
◦ Compare the combined estimated with preliminary judgment.

Question 2

Income before taxes is often used by the auditor as a benchmark for materiality. Once income before taxes is established as a benchmark for materiality for a particular audit client, the auditor still must decide whether any misstatements could affect other benchmarks such a current assets or current liabilities, for example.
◦ true
◦ false
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by kmoyer2 on Aug 21, 2022

hariet5

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Reply #1 on: Aug 21, 2022
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kmoyer2

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

fatboyy09

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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