Question: 1 -Materiality (7 marks) As stated in ASA 320; The auditor's determination of materiality is a matter of professional judgement, and is affected by the

1 -Materiality (7 marks)

As stated in ASA 320;

"The auditor's determination of materiality is a matter of professional judgement, and is affected by the auditor's perception of the financial information needs of users of the financial report."

(AUASB, 2015)

With reference to the statement above from ASA 320, define materiality and discuss how the "needs of users"will affect how materiality is determined. (country Australia )

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Hide Assignment Information Turnitin This assignment will be submitted to Turnitin . Instructions The CEO of Acme Medical Center has requested that you present your strategic plan to the leadership...

Q:

1 -Materiality (7 marks) As stated in ASA 320; "The auditor's determination of materiality is a matter of professional judgement, and is affected by the auditor's perception of the financial...

Q:

1. As stated in ASA 320; "The auditor's determination of materiality is a matter of professional judgement, and is affected by the auditor's perception of the financial information needs of users of...

Q:

Question 1 -Materiality (7marks) As stated in ASA 320; "The auditor's determination of materiality is a matter of professional judgement, and is affected by the auditor's perception of the financial...

Q:

As stated in ASA 320; "The auditor's determination of materiality is a matter of professional judgement, and is affected by the auditor's perception of the financial information needs of users of the...

Q:

As stated in ASA 320; The auditors determination of materiality is a matter of professional judgement, and is affected by the auditors perception of the financial information needs of users of the...

Q:

As stated in ASA 320; "The auditor's determination of materiality is a matter of professional judgement, and is affected by the auditor's perception of the financial information needs of users of the...

Q:

As stated in ASA 320; "The auditor's determination of materiality is a matter of professional judgement, and is affected by the auditor's perception of the financial information needs of users of the...

Q:

As stated in ASA 320; The auditors determination of materiality is a matter of professional judgement, and is affected by the auditors perception of the financial information needs of users of the...

Q:

As stated in ASA 320; "The auditor's determination of materiality is a matter of professional judgement, and is affected by the auditor's perception of the financial information needs of users of the...

Q:

As stated in ASA 320; "The auditor's determination of materiality is a matter of professional judgement, and is affected by the auditor's perception of the financial information needs of users of the...

Q:

Jordan Beauty Supply accepts Discover cards from its customers. Discover charges Jordan 3.5% of sales for its services. During the 20092010 fiscal year Jordans customers used Discover cards to...

Q:

Define the term structure of interest rates.

Q:

Consider the following series. n = 1 8 n ! Using the Ratio Test, find the following limit . ( If the limit is infinite, enter ' w ' or ' - - s ' , as appropriate. If the limit does not otherwlse...

Q:

Willis B us Service traded in a used bus for a new one. The original cost of the old bus was $52,000. Accumulated depreciation at the time of the trade-in amounted to $34,000. The new bus cost...

Q:

The accountant for Eva's Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are...

Q:

A survey conducted by the Northwestern University Lindquist-Endicott Report asked 320 companies about the procedures they use in hiring. Only 54% of the responding companies review the applicants...

Q:

Mathews Bus Service traded in a used bus for a new one. The original cost of the old bus was $ 52,000. Accumulated depreciation at the time of the trade- in amounted to $ 34,000. The new bus cost $...

Q:

A survey conducted by the Northwestern University Lindquist-Endicott Report asked 320 companies about the procedures they use in hiring. Only 54% of the responding companies review the applicant's...

Q:

A pointer holds a memory address.

Q:

2. Why do we have more confidence in what one person tells us than in what another person tells us?

Q:

1. Why do we trust one type of information more than another?

Q:

9. Imagine giving a talk to an assembly that is critical of you. Imagine a large aggressive dog that is your friend and facing the assembly. Imagine further that you are on a mountain top and the...