During the Audit of XYZ Ltd the Auditor Found a Misstatement

question 22

Multiple Choice

During the audit of XYZ Ltd the auditor found a misstatement that equated to 7% of the base amount. According to the guidelines provided by AASB 1031.this amount is deemed to be:

• A) material.
• B) not material.
• C) a matter of professional judgement whether it is considered material.
• D) none of the above.

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Definitions:

Cross-Functional

Pertaining to a team or process that involves individuals from different departments or areas of expertise working together toward a common goal.

Integrator

An individual or tool that combines various elements or systems into a cohesive, functioning whole.

Different Perspectives

The existence of varied viewpoints, opinions, or approaches within a group, enriching understanding and solutions to issues.

Empowerment Skills

Abilities and competencies that enable individuals to gain the power and confidence to make decisions, face challenges, and exert control over their lives.