Question: Performance materiality commonly ranges from 6u per cent ...and 85 per cent ... of the figure established for materiality for the financial report as a

Performance materiality commonly ranges from 6u per cent ...and 85 per cent ... of the figure established for materiality for the financial report as a whole(Gay&Simnett2018p.158).Calculate the performance materiality threshold for an audit with low risk for the period ended on 30 June2021.Assume the company reports net profit of$250M on 30 June2020and$158Mon30June2021

A The materiality threshold is between 6.715Mand 13.43M B The materiality threshold isbetween474Mand9.48M C The materiality threshold is between12.5Mand 25M D The materiality threshold isbetween1063Mand21.25M E The materiality threshold is between7.9Mand 15.8M

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!

'Performance materiality commonly ranges from 60 per cent ... and 85 per cent ... of the figure established for materiality for the financial report as a whole' (Gay & Simnett, 2018, p. 158)....

I can get the answer for task 3 please Noyers Ltd Company Background The Entity Noyers Ltd, a company with its headquarters in Launceston, Tasmania, has been listed on the Australian Securities...

Noyers Ltd Audit Case Study Contents Noyers Ltd Company Background... The Entity Operations .. GO 935.93.?\" Governance Structure, Organisation's Structure and Financing.,., The Entity's Selection...

Hi tutor, I have been assigned to develop a master budget for airline industry and the airline we have chosen is Qantas. In master budget,I have to make following budgets, 1)Sales Budget 2)Production...

QUESTIONS: CASE BARRICK GOLD INTEGRATING ESG INTO THE (POST-MERGER) EXECUTIVE PERFORMANCE SCORECARDPlease, give recommendations to the balance scorecard. How do you see de merger? Which are your...

QUESTIONS: CASE BARRICK GOLD INTEGRATING ESG INTO THE (POST-MERGER) EXECUTIVE PERFORMANCE SCORECARDPlease, give recommendations to the balance scorecard. The proposed metrics for a revised executive...

Hi, I have an Assignment for my Finance Subject. I have attached the necessary documentation here for you to view including the Lecture slides of all the Topics covered for this assignment. Please...

Help with writing a short analytical summary of 150-200 words on each of the 2 articles below. Article 1: Exploring community-based options for reducing youth crime. The BackTrack program was...

hi there! i need help with these questions under the module: Work, Health, Safety & Wellbeing. QUESTION 1 Refer to the air safety example in the Hopkins (1995) reading, 'Whose responsibility?' What...

In Problem 12.5 on page 424, you used the summated rating of a restaurant to predict the cost of a meal. The data are stored in Restaurants . For these data, SYX = 9.094 and hi = 0.046319 when X =...

In the system shown in Figure, H(e j? ) is an ideal lowpass filter. Determine whether for some choice of input x[n] and cutoff frequency ? c the output can be the pulse 10 H(e ) x(n] y(n] |H(e) - 77...

What is the purpose of each stage?

Which of the following statements regarding employee theft are correct? Multiple select question. The most common type of theft is pilfering small value items like office supplies or hand tools. It...

=+2. What are the pros and cons of having a centralized versus decentralized HR office? Of privatizing a governmental function?

=+How do these differences affect the practice of HR in these different types of organization?

=+5. How can public services delivered by broad varieties of employees, some contracted, others appointed, and others perhaps even volunteers, operate in an accountable and stable manner?