Question: Do you think an auditor should ever revise or update their materiality assessment(s)? To answer this question, review AS 2105: Consideration of Materiality in Planning

Do you think an auditor should ever revise or update their materiality assessment(s)? To answer this question, review AS 2105: Consideration of Materiality in Planning and Performing an Audit. What does AS 2105 specifically say about updating or revising (i.e., reevaluating) established materiality levels, including tolerable misstatement? Upon review of AS 2105.

How do you think the current COVID-19 outbreak may be affecting materiality judgments, as well as the nature, timing, and extend of audit procedures, for 2020 and 2021 fiscal year audits?

Step by Step Solution

★★★★★

3.43 Rating (153 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

However I can provide some general information on the topic In auditing materiality refers to the significance or importance of an item transaction or ... View full answer

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!

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...

The Yellow Book standards relating to financial audits apply to independent CPA firms as well as government audit departments. The following descriptions relate to an independent CPA firm that...

Refer to the Auditing Standards Exhibit inside the front cover of this textbook. Identify the IAASB ISA that provides guidance on management assertions. List the management assertions identified in...

Help me in my homework,I need minimum 95% and I have only one attempt where I can score ,once I submit the answers can't change choose wisely answers Question 1 of 45 Which of the following...

plz highlight answer in RED!!!!!!!!!!!!!! 93% COORECT ARE NEEDED!!!!!!!!!! if not, answer wil not accetpt!!!!!!!!!!!!!!! plz!!!!!!!!!! carefully answer Question 1 of 45 Which of the following...

pls high light the answer in red!!! again pls make sure have at least 90% correct, otherwise answer will be...

Hi, I need someone to do summary for the article I upload AUDITING: A JOURNAL OF PRACTICE & THEORY Vol. 28, No. 2 November 2009 pp. 1-34 American Accounting Association DOI: 10.2308 / aud.2009.28.2.1...

Highlight the right answers in colors ,make sure I,ll get more than 95% Question 1 of 45 All of the following statements are true, except: A tendency for fraud may exist when the granting of stock...

Help please ASAP NAME: ______________________________________ Course: ACC 624, Midterm Exam Semester: Spring, 2014 St. John's University Please, fill your answer in the blank space provided after...

Dell Company adopted a defined benefit pension plan on January 1, 2014. Dell amortizes the initial prior service cost of $1,334,400 over 16 years. It assumes a 7% discount rate and an 8% expected...

What risks did Pener take by using a counterintuitive, gallery-like design in his RSole store? What was the payoff? For more than 30 years, Barry Pener has been managing Man of Fashion, a chain of 35...

Question 1 The Laplace transform method reduces a differential equation of order n problem to A calculus problem. An algebra problem. A differential equation of order n - 1 problem. Characteristic...

case 1 Swift Logistics, an international supply chain group, has been operating in Hong Kong for a long time. It possesses a large network and serves diverse customers from various Asian countries...

The base of the square foundation, 3 mx 3 m, is located at 1 m depth. The soil supporting foundation has a friction angle of '= 20 and c'= 20 kN/m. The unit weight of soil, y, is 21 kN/m. What is the...

In Figure 2 below, the belt puley diameter at B is 65 mm and weighs 10 kg. The belt pulley diameter at D is 86 mm and weighs 12 kg 03m 04m 2 KN 0.3 m 65 mm 1 KN 3 KN B6 mm 3kN Figure 2 Transmission...

You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company's financial statements,...

XYZ Ltd has three employees who are entitled to long service leave (LSL). The LSL can be taken after 15 years of service, at which time the employee is entitled to 11 weeks' leave. Information about...

Consider the series infinity sigma n=11/(n^3)(a)Find the tenth partial sum,s_10.(Round your answer to six decimal places.) Estimate the error in using s_10 as an approximation to the sum of the...

On February 28, 2014, Stu & Dent, LLP completed the audit of Shylo Ranch, Inc. (a public company) for the year ended December 31, 2013. A recent fire destroyed the accounting records concerning the...

Based on the following description, determine appropriate tests of controls for the companys controls over tangible long-lived assets. A corporation operates a highly automated flexible manufacturing...

Refer to the Auditing in Practice feature, "Lack of Oversight as a Control Weakness Leads to Embezzlement," and the Auditing in Practice feature, "The City of Dixon, Illinois Sues Its Auditor for $50...

Apply the modified Tukeys method to the data in Exercise 22 to identify significant differences among the mi s. a 5 .05 5 1.6, 3.8, 6.0

8.35. A study3 of American armed forces who had served in Iraq or Afghanistan found that the event of being attacked or ambushed was reported by 1139 of 1961 Army members who had served in...

In an experiment to compare the tensile strengths of different types of copper wire, samples of each type were used. The between-samples and within-samples estimates of s2 were computed as and ,...