AUDITING & ASSURANCE SERVICES CONNECT AC
AUDITING & ASSURANCE SERVICES CONNECT AC
10th Edition
ISBN: 9781259292057
Author: MESSIER
Publisher: MCG
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Chapter 3, Problem 3.32P

a.

To determine

Introduction: Tolerable misstatement represents amount of single financial statement account by which it could differentiate itself from correct amount without influencing honest presentation of financial statements.

To compute: Overall materiality and tolerable misstatement.

b.

To determine

Introduction: Overall materiality refers to assess whether the whole set of financial statement are free from materially misstatement.

Overall materiality and tolerable misstatement using assets or revenues as benchmark.

c.

To determine

Introduction: Misstatement refers to incorrect or wrong information regarding the financial statements.

To discuss:Materiality of misstatement amount.

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