If the Total Projected Error in an Account Balance Was

question 75

Multiple Choice

If the total projected error in an account balance was $3,248 and the tolerable error was set at $10,000, the auditor would

• A) conclude that the errors uncovered are material.
• B) decide that further audit work was required.
• C) conclude that the errors detected are not material.
• D) conduct other tests aimed at the assertion being tested.

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Definitions:

Natural Resource

Resources like minerals, forests, water, and fertile land that exist naturally and can be exploited for financial profit.

Copper

A chemical element with symbol Cu and atomic number 29, known for its high thermal and electrical conductivity, often used in electrical wiring and plumbing.

Silver

A precious metal with high electrical conductivity, luster, and reflectivity, used in jewelry, currency, and industrial applications.