AUDITING-TEXT (LOOSELEAF)
AUDITING-TEXT (LOOSELEAF)
11th Edition
ISBN: 9781337619462
Author: JOHNSTONE
Publisher: CENGAGE L
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Chapter 7, Problem 11RQSC
To determine

Introduction: Materiality is the importance of the key element in a statement based on which the conclusion of the statement lies upon and Audit risk is the risk that the opinion of the Auditor may be incorrect as the Auditor also can conclude at wrong side of the activity.

To Explain: The concepts of audit risk, detection risk and materiality are inter related.

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