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Your senior auditor approved the planning materiality you just established. You are now preparing to establish your performance materiality for accounts payable and revenue. Your senior auditor tells you that the materiality judgement for accounts payable is 50%, and the materiality judgement for revenue is 65%. What is the performance materiality for accounts payable and revenue? Show your work.   Your work should show: APPROPRIATE AMOUNT x AP MATERIALITY JUDGEMENT = AP PERFORMANCE MATERIALITY APPROPRIATE AMOUNT x REVENUE MATERIALITY JUDGEMENT = REVENUE PERFORMANCE MATERIALITY

Your senior auditor approved the planning materiality you just established. You are now preparing to establish your performance materiality for accounts payable and revenue. Your senior auditor tells you that the materiality judgement for accounts payable is 50%, and the materiality judgement for revenue is 65%. What is the performance materiality for accounts payable and revenue? Show your work.   Your work should show: APPROPRIATE AMOUNT x AP MATERIALITY JUDGEMENT = AP PERFORMANCE MATERIALITY APPROPRIATE AMOUNT x REVENUE MATERIALITY JUDGEMENT = REVENUE PERFORMANCE MATERIALITY

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Your senior auditor approved the planning materiality you just established. You are now preparing to establish your performance materiality for accounts payable and revenue. Your senior auditor tells you that the materiality judgement for accounts payable is 50%, and the materiality judgement for revenue is 65%. What is the performance materiality for accounts payable and revenue? Show your work.

 

Your work should show:

APPROPRIATE AMOUNT x AP MATERIALITY JUDGEMENT = AP PERFORMANCE MATERIALITY

APPROPRIATE AMOUNT x REVENUE MATERIALITY JUDGEMENT = REVENUE PERFORMANCE MATERIALITY

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