Question: According to AS5: (a) What should the auditor consider when determining whether an account should be considered significant? (b) What qualitative factors might cause an
(a) What should the auditor consider when determining whether an account should be considered significant?
(b) What qualitative factors might cause an account that is otherwise relatively small quantitatively to be considered significant?
(c) What qualitative factors might cause an account that is greater than materiality to be considered not significant?
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a For identifying significant accounts AS5 states that the auditor should evaluate the qualitative and quantitative risk factors related to the financ... View full answer
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