Which of the Following Is an Amount Set by the Auditor

question 15

Multiple Choice

Which of the following is an amount set by the auditor that is used to make decisions about the extent of audit procedures for a particular class of transaction, account balance, or disclosure?

• A)Performance materiality
• B)Planning materiality
• C)Overall materiality
• D)Qualitative materiality

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Definitions:

Absolute Frequency

The total count of occurrences of a specific event or characteristic in a given dataset.

Median

The middle value in a set of data when it is ordered in numerical sequence, or the average of the two middle values when the set has an even number of values.

Average

A statistical measure that summarizes a data set by dividing the sum of all values by the number of values.

Total

Referring to the complete amount or sum of parts.