Question: (a) Define and explain materiality and performance materiality. (4 marks) (b) Describe EIGHT audit risks and explain the auditor's response to each risk in planning

(a) Define and explain materiality and performance materiality. (4 marks) (b) Describe EIGHT audit risks and explain the auditor's response to each risk in planning the audit of Peony Co. (16 marks) Audit risk Auditor's response (Total: 20 marks)

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!

Catatan paper is copyrigleaf the interity of Survey and may not be d Part A Answer BOTH questions in this section. Question 1 You are the Audit Manager of Mole and Co and are currently planning the...

Auditing - You are an Audit Senior of Foster and Associates Limited and are planning the audit of Blackberry Co for the year ending 3 1 March 2 0 1 8 . The company is a manufacturer of portable music...

o Question 1 You are the Audit Manager of Mole and Co and are currently planning the audit of your existing client, Ratty Ltd, whose year end was 31 December 2021. Ratty is a pharmaceutical company...

You are the Audit Manager of M ole and Co and are currently planning the audit of your existing client, Ratty Ltd, whose year end was 31 December 20 21 . Ratty is a pharmaceutical company that...

You are the audit supervisor of Snake & Sons and are currently planning the audit of an existing client, Daniel Moore Co (Danmoore), whose year end was 30 April 2020. Danmoore is a pharmaceutical...

Part A Answer BOTH questions in this section. Question 1 You are the Audit Manager of Mole and Co and are currently planning the audit of your existing client, Ratty Ltd, whose year end was 31...

You are the Audit Manager of Mole and Co and are currently planning the audit of your existing client, Ratty Ltd, whose year end was 31 December 2021. Ratty is a pharmaceutical company that...

2. You are an Audit Senior of Foster and Associates Limited and are planning the audit of Blackberry Co for the year ending 31 March 2018. The company is a manufacturer of portable music players and...

You are an audit senior of Loganberry & Co and are planning the audit of Blackberry Co for the year ending 31 March 20X8. The company is a manufacturer of portable music players and your audit...

Two different routes, which entail driving across a mountainous section, are being considered for a highway construction project. The first route (the high road) will require building several bridges...

ABC Ltd. had prepared the following estimation for the month of April Quantity Rate (3) Amount (3) 45.00 36.000 18,000 37,500 17,600 Material-A Material-B Skilled labour Unskilled labour 800 kg. 600...

Question 1 3 Your auto insurance premium may be reduced if you pass a river education course. you live in an accident - prone or high crime area. you have had an accident in the past three years. a ....

https://media.cheggcdn.com/media/e59/e5900ba1-02b0-44ab-8246-fb980e24e7c1/phpDkQ6Ux

7-21. Based on this audience analysis, would you use the direct or the indirect approach for this message? Explain your reasoning?

7-24. To schedule an appointment with one of our knowledgeable mortgage specialists in your area, you can always call our hotline at 1-800-555-8765. This is also the number to call if you have more...

7-20. How is the audience likely to respond to this message?