What is materiality? During what stages of the audit do auditors consider materiality?
Answer to relevant QuestionsFor what reasons do auditors obtain an understanding of a client’s internal control? Why do predecessor auditors need to obtain the client’s consent to give information to prospective auditors? What information should prospective auditors try to obtain from predecessor auditors? What is meant by material information in accounting and auditing?What are the general characteristics of significant transactions that are typically computerized? When initiating communications with predecessor auditors, prospective auditors should expect a. To take responsibility for obtaining the client’s consent for the predecessor to give information about prior audits. b. To ...
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