When Conducting a Review Engagement,how Is Materiality Calculated

question 21

Multiple Choice

When conducting a review engagement,how is materiality calculated?

• A)materiality is not calculated as a lower level of assurance is being provided
• B)the concept of significance is used,rather than the concept of materiality
• C)always as a percentage of net income before income taxes
• D)in the same manner as an audit engagement

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Definitions:

Benin Brass Plaque

Metal castings traditionally made in Benin City, Nigeria, depicting the royal court and other figures, celebrated for their historical and artistic significance.

Symmetrical

Characterized by having parts that match each other in size, shape, and position on opposite sides of a dividing line or around a central point, creating a sense of balanced proportions.

Queen Mother Idia

An influential figure in the 16th century Benin Empire (present-day Nigeria), known for her political wisdom and as the mother of Oba Esigie.

Copper-Bronze

An alloy primarily of copper with tin, characterized by its strength and corrosion resistance, used historically for making tools, weapons, and art.