The Auditor Can Assign a Portion of the Materiality to Individual

question 58

Multiple Choice

The auditor can assign a portion of the materiality to individual accounts in the financial statements

• A)This is referred to as the auditor using professional judgment
• B)This is referred to determining materiality for particular items on the financial statements
• C)This is referred to as the tolerable misstatement or performance materiality for an account
• D)This is referred to as the auditor obtaining reasonable assurance

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Definitions:

Serious Family Violence

Acts of family violence characterized by severe physical harm, serious emotional abuse, or life-threatening actions towards family members.

Rate

A measure, quantity, or frequency, typically one measured against another quantity or measure.

Statistics

The science of collecting, analyzing, interpreting, and presenting numerical data, often to identify patterns or trends.

Child Abuse

Any act or failure to act by a parent or caregiver that results in actual or potential harm to a child, including physical, emotional, sexual abuse, or neglect.