EBK AUDITING & ASSURANCE SERVICES: A SY
11th Edition
ISBN: 9781260687668
Author: Jr
Publisher: MCGRAW-HILL LEARNING SOLN.(CC)
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 3, Problem 3.14RQ
To determine
Introduction: Materiality is a concept used by the auditor which simply means any matter which can affect the decision of the auditor while forming opinion on the financial statements.
To explain: Three examples of qualitative factors that might affect the auditor’s choice of the percentage to apply to the benchmark used to establish overall materiality.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Which one of the following audit processes attempts to identify areas that may deserve attention by using techniques such as comparative ratio analysis?
Define the audit risk model and explain each term in the model.Also describe which two factors of the model when combined reflect the risk of materialmisstatements.
Identify the six characteristics that determine the reliability of evidence.For each characteristic, provide one example of a type of evidence that is likely to be reliable
Chapter 3 Solutions
EBK AUDITING & ASSURANCE SERVICES: A SY
Ch. 3 - Prob. 3.1RQCh. 3 - Prob. 3.2RQCh. 3 - Prob. 3.3RQCh. 3 - Prob. 3.4RQCh. 3 - Prob. 3.5RQCh. 3 - Prob. 3.6RQCh. 3 - Prob. 3.7RQCh. 3 - Prob. 3.8RQCh. 3 - Prob. 3.9RQCh. 3 - Prob. 3.10RQ
Ch. 3 - Prob. 3.11RQCh. 3 - Prob. 3.12RQCh. 3 - Prob. 3.13RQCh. 3 - Prob. 3.14RQCh. 3 - Prob. 3.15RQCh. 3 - Prob. 3.16MCQCh. 3 - Prob. 3.17MCQCh. 3 - Prob. 3.18MCQCh. 3 - Prob. 3.19MCQCh. 3 - Prob. 3.20MCQCh. 3 - Prob. 3.21MCQCh. 3 - Prob. 3.22MCQCh. 3 - Prob. 3.23MCQCh. 3 - Prob. 3.24MCQCh. 3 - Prob. 3.25MCQCh. 3 - Prob. 3.26PCh. 3 - Prob. 3.27PCh. 3 - Prob. 3.28PCh. 3 - Prob. 3.29PCh. 3 - Prob. 3.30PCh. 3 - Prob. 3.31PCh. 3 - Prob. 3.32P
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Similar questions
- Why determination of Materiality is a matter of Auditor Judgment? Explain both Qualitative and quantitative materiality assessments.arrow_forwardWhich of the following components of the audit risk model is most closely associated with attributes sampling?a. Audit risk.b. Control risk.c. Detection risk.d. Inherent risk.arrow_forwardIn testing for lower-of-cost-or-market, the auditor is gathering evidence to support which of the following assertions? a. Accuracy. b. Rights and obligations. c. Valuation. d. Pricing.arrow_forward
- 1a) Briefly discuss the advantages of using statistical sampling in auditing. 1b) Discuss three types of statistical sampling techniques.arrow_forwardThe two characteristics of the appropriateness of evidence are a. relevance and reliability. b. relevance and timeliness. c. relevance and accuracy. d. reliability and accuracy.arrow_forwardwhat each type of audit opinion means?arrow_forward
- What are five criteria there for assessing the reliability of audit evidence?arrow_forwardWhat is the difference in a data and findings?arrow_forwardSubject: Auditing & Assurance Principles Differentiate the following: a) Statistical vs Non-statistical sampling b) Attribute vs Variables samplingarrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub