Question: If performance materiality for accounts payable is $ 1 , 0 0 0 , the auditor would need to obtain more audit evidence for that

If performance materiality for accounts payable is $1,000, the auditor would need to obtain more audit evidence for that account than if performance materiality were $100,000.
Group of answer choices
True
False

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:

Auditing QUESTION 1 Indicate whether you agree or disagree with the following statements and explain your reasoning. (12 MARKS) a) Teresa Dziuba was assigned to the Heathcliff Energy audit. She was...

Q:

1) A vendor imvoice is normally prepared at the time tangible goods are recelved and indicates the description of goods, the quantity recelved, the date recelved, and other relevant data. 1) 2) One...

Q:

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...

Q:

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...

Q:

attached Case 21: ZOU's Fencing Controls Handout 1 Page 1 ZOU Fencing Inc. (Case 13-9 handout) Account Scoping and Risk Assessment Account Balance and Disclosure: Revenue Class of Transaction:...

Q:

I have a question on Solvency ratios based on a financial statement. Please open the attachments below. INDEPENDENT AUDITORS' REPORT TO PARLIAMENT AND THE SHAREHOLDER OF SOUTH AFRICAN AIRWAYS SOC...

Q:

I have a question on Liquidity ratios based on a financial statement. Please open the attachments below. INDEPENDENT AUDITORS' REPORT TO PARLIAMENT AND THE SHAREHOLDER OF SOUTH AFRICAN AIRWAYS SOC...

Q:

I have a question on Profitability ratios based on a financial statement. Please open the attachments below. INDEPENDENT AUDITORS' REPORT TO PARLIAMENT AND THE SHAREHOLDER OF SOUTH AFRICAN AIRWAYS...

Q:

1. Has your company issued any long-term bonds or notes in the most recent year? If so, read the note related to long-term debt, identify one of the bonds or notes and list any special features...

Q:

Answer the following questions using the Delaware CAFR. Reference to the page number if possible. 1. Was the state organizational government chart provided? Briefly explain how the state is organized...

Q:

Peter has borrowed money from an American Bank. He has a 8-year annuity and has to make quarterly payments with the first payment due in 3 months. If the present value of the annuity is $4, 020 at a...

Q:

The equal XYZ Partnership has the following balance sheet: XYZ has a Code Section 754 election in effect, and X sells her interest to W for $8,000 cash. The two Properties are both capital assets. a....

Q:

Daphne Worthing is opening an account at your institution for the first time. Per your CIP requirements, you are verifying her information. Daphne is between jobs and staying with her aunt. Her...

Q:

Describe how total variable costs and unit variable costs behave with changes in the level of activity. If fixed costs increase, what would be the impact on the contribution margin and income from...