1
Q
Common Materiality Benchmarks
A
2
Q
When does an auditor assess materiality?
A
3
Q
How should materiality be documented?
A
4
Q
What is performance materiality?
A
5
Q
What is a tolerable misstatement?
A
- Tolerable misstatement is the application of the maximum amount of accepted (tolerable) errors within a given test sample.
6
Q
What should the auditor do if new info is found in the audit as it relates to materiality?
A
Revise materiality levels if needed
7
Q
When materiality is lowered, what should the auditor do?
A
Reassess performance materiality, Adjust audit procedures (nature, timing, extent) accordingly
8
Q
A
Universal CPA - Audit
flashcards
Decks in class (21)
# Cards
-
Ch 1 - Ethics, Pro Respo, Gen Princ - Mod 15
-
Ch 1 - Ethics, Pro Respo, Gen Princ - Mod 213
-
Ch 1 - Ethics, Pro Respo, Gen Princ - Mod 321
-
Ch 1 - Ethics, PRo Respo, Gen Princ, - Mod 45
-
Ch 1 - Ethics, Pro Respo, Gen Princ - Mod 514
-
Ch 1 - Ethics, Pro Respo, Gen Princ - Mod 624
-
Ch 2 - Accepting the Engagement - Mod 113
-
Ch 2 - Accepting the Engagement - Mod 219
-
Ch 2 - Accepting the Engagement - Mod 36
-
Ch 2 - Accepting the Engagement - Mod 413
-
Ch 2 - Accepting the Engagement - Mod 511
-
Ch 2 - Accepting the Engagement - Mod 61
-
Ch 2 - Accepting the Engagement - Mod 711
-
Gov Audits Chpt 6 - Mod 57
-
Gov Audits Chpt 6 Mod 5 - Purpose of Gov Audits2
-
Ch 3 - Mod 1 - Risk Assessment Part 1: Audit Risk17
-
Ch 3 - Mod 2 - Risk Assessment Part 2: Fraud Risk & Materiality10
-
Ch 3 - Mod 3 - Identifying and Assessing the Risk of Material Misstatements and Planning Further Procedures Responsive to Those Risks9
-
Ch 3 - Mod 4 - Specific Areas of Engagement Risk18
-
Ch 3 - Module 5: Materiality8
-
Ch 3 - Mod 6 - Sampling Techniques23
