materiarity

Question 1

An auditor considers materiality for planning purposes in terms of what?

Answer 1

The smallest aggregate level of misstatements that could be material to any one of the financial statements

Question 2

Performance materiality may be revised when?

Answer 2

Throughout the audit

Question 3

Performance materiality ordinarily is established for the financial statements ?

Answer 3

As a whole

Question 4

Involve which judgment?

Answer 4

Both quantitative and qualitative judgment

Question 5

Performance materiality will ordinarily be ? than financial statement materiality

Answer 5

Less