What is the basis? what are the different ones and how are they calculated?
my accounting - auditing class, the question in the justification of planning materiality: Basis (normalized net income, revenue, total assets, other). What is the basis? what are the different ones and how are they calculated?
Auditing is defined as the process of verifying the financial statements of a business. The verification of the financial statements includes verification of accuracy, uniformity in applying guidelines, and other applicable laws and regulations. The auditing process is performed so that an unbiased opinion regarding the accuracy, reliability, and fairness of the financial statements can be obtained. This unbiased opinion increases the trust of the investors in the financial statements leading to better decision making.
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