Auditing & Assurance Services: A Systematic Approach (Irwin Accounting)
Auditing & Assurance Services: A Systematic Approach (Irwin Accounting)
10th Edition
ISBN: 9780077732509
Author: William F Messier Jr, Steven M. Glover Associate Professor, Douglas F. Prawitt Associate Professor
Publisher: McGraw-Hill Education
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Chapter 3, Problem 3.25MCQ
To determine

Concept Introduction:

Audit planning is the crucial phase of the audit where auditor determines the nature, timing, and extent of the audit procedures. The auditor also determines the materiality at the time of planning an audit.

Materiality is a level at which an amount or transaction is considered relevant for the purpose of audit. Auditor provides his opinion on the basis of examination of material items.

To choose: The input to be used the auditor for planning of overall materiality.

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