What qualitative considerations are related to the concept of materiality in auditing? Why are qualitative factors more
Question:
What qualitative considerations are related to the concept of materiality in auditing? Why are qualitative factors more important than the quantitative materiality level decision?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 82% (17 reviews)
Qualitative considerations about what is material are more important than quantitative rules since s...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Auditing An International Approach
ISBN: 978-1259087462
7th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
Question Posted:
Students also viewed these Business questions
-
Why do auditors need an understanding of the business environment and operations of an auditee company? What are examples of a businesss environmental and operating risks?
-
What is included in an overall audit strategy in GAAS? What is the main purpose of this planning documentation?
-
What can the auditor learn from a horizontal analysis?
-
Compute the Regular Pay, Overtime Rate, Overtime Pay, and Gross Pay for each employee. Employees are paid weekly. Filing Employee Status Henry Smith Parker Liam Melanie Total S S S M S Hours Pay...
-
Warner Freight Lines Co. incurred the following costs related to trucks and vans used in operating its delivery service: 1. Changed the oil and greased the joints of all the trucks and vans. 2....
-
Prove that aN |vx all ||A||
-
Ormet Primary Aluminum Corporation, operated an aluminum smelter plant in Hannibal, Ohio. The facility ceased production in October 2013 in order to liquidate its assets after filing for bankruptcy...
-
CHB, Inc., is a bank holding company that is evaluating the potential for expanding into a 13-county region in the southwestern part of the state. State law permits establishing branches in any...
-
17. In many cases, a worker's hourly wage depends on the number of hours worked. If a certain number of hours is reached, the pay rate beyond that point increases. When working beyond a certain...
-
1. What steps in the decision-making process have Don Anglos and Pinnacle taken? Which ones have they not completed? 2. Which decision-making style best describes Dons approach: directive,...
-
What rules of thumb are used in practice for determining a reasonable quantitative materiality level in a financial statements audit?
-
What does the term risk of material misstatement of the financial statements mean in auditing?
-
Verify that the points (0, 0), (a, 0), and are the vertices of an equilateral triangle. Then show that the midpoints of the three sides are the vertices of a second equilateral triangle. 2 DEN D
-
Use a pizza analogy to explain why capital structure should not influence firm value in a world with no taxes, transaction costs or financial distress costs. List three assumptions that lie behind...
-
Clapton Erich GmbH sells 3,000 pairs of running shoes per month at a cash price of 90 per pair. The firm is considering a new policy that involves 30 days credit and an increase in price to 91.84 per...
-
How would you apply this goal in practice?
-
1 Leon Dung SA, a large fertilizer distributor based in the north of Spain, is planning to use a lockbox system to speed up collections from its customers located in the Castille y Leon region. A...
-
Iberdrola, the Spanish electricity giant, has in recent years pursued an aggressive acquisition strategy throughout the world. Companies that have been acquired by the firm include Scottish Power...
-
You are considering an investment in the common stock of Apple Inc. The following information is from the financial statements included in Form 10-K for fiscal years 2015 and 2014 (in millions of...
-
The following selected information was taken from Sun Valley Citys general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019: Revenues:...
-
Which judgments must an auditor make when deciding on a sample size?
-
Describe the influence of each judgment on sample size.
-
Name and describe four sample selection methods.
-
3. a. b. Solve the system by inverting the coefficient matrix and using Theorem 1.6.2 of the textbook. -x-2y-32 = 0 w+x+4y+4z = 7 w+3x+7y+9z = 4 -w-2x-4y - 6z = 6 Determine conditions on the b's, if...
-
1. If 5,000 earns Php86.00 interest in 15 months, how much is the rate of interest? 2. If the interest rate is 7.5% per year and the principal is Php2,500, determine the amount of interest for 20...
-
Given no change to the 0.8 percent chance that any women have breast cancer, and given that positive mammogram effectiveness is increased from 90% , and given that the false positive rate is...
Study smarter with the SolutionInn App