An Auditor's Consideration of Materiality Is a Matter of Professional

question 1

True/False

An auditor's consideration of materiality is a matter of professional judgment and is influenced by the auditor's perception of the needs of users of financial statements.

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Definitions:

Non-necessary Items

Products or services deemed not essential for basic living and functioning.

Gifts

Voluntary transfers of property or funds to another party without expecting anything in return.

Minor

A person under the legal age of adulthood, which varies by country but is commonly 18 years old.

Intoxicated

The state of being under the influence of alcohol or drugs to a degree that significantly impairs one's physical and cognitive functions.