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. |
| Yes | No | Yes |
◦
Certain accounts contain
more misstatements
than others. | Only overstatements
need be considered. | Audit costs can
affect allocation. |
| Yes | Yes | No |
◦
Certain accounts contain
more misstatements
than others. | Only overstatements
need be considered. | Audit costs can
affect allocation. |
| Yes | Yes | Yes |
◦
Certain accounts contain
more misstatements
than others. | Only overstatements
need be considered. | Audit costs can
affect allocation. |
| No | Yes | No |
Major types of microbial cell shapes.
major events at the synapse
The crude oil refining showing most of the major steps and processes.
Major biosynthetic roles of some citric acid cycle intermediates
Standard reduction potentials of the major respiratory electron carriers
Acid–Base Balance