Audit - In planning of each audit, auditors shall consider the materiality
Question # 00760611
Posted By:
Updated on: 05/08/2020 11:22 AM Due on: 05/08/2020
Audit
In planning of each audit, auditors shall consider the materiality for the purpose of audit. Information is considered as material if misstatement or omission of particular information can influence the user’s economic decision taken on the basis of the financial report. Materiality is depended upon the size of item or error judged in specific circumstances of the misstatement or omission of that item.
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Rating:
/5
Solution: Audit - In planning of each audit, auditors shall consider the materiality