Your Preliminary Audit Plan for Astro Ltd States That Planning

question 8

Multiple Choice

Your preliminary audit plan for Astro Ltd states that planning materiality is set at one per cent of total assets.This planning materiality amount:

• A)will need to be used for evaluation at the end of the engagement to judge the overall presentation of the financial report, because that was the level used to set the scope of testing.
• B)should not be revised in mid-audit.
• C)may be revised based on the results of audit tests and new information as the audit progresses.
• D)is appropriate for planning, but the evaluation materiality amount must be based on a percentage of revenue.

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Definitions:

Gender Disparities

Differences in the treatment or outcomes between genders, often highlighted in contexts like employment, healthcare, and education.

Sexual Motivation

The psychological and biological drives that influence individuals to seek out and engage in sexual behaviors.

Evolutionary Theory

Evolutionary theory explains the diversity of life on Earth through processes like natural selection, where organisms better adapted to their environment tend to survive and reproduce.

Achievement Motivation

An individual's desire for significant accomplishment, mastering of skills, control, or high standards.