Which of the following statements is not correct about materiality?

Related Mcqs:

Internal check is carried on by___________?

A. Staff specially appointed for the purpose B. Internal auditor C. Supervisor of the staff D. Members of the staff...

Of the following, which is the least persuasive type of audit evidence?

A. Bank statements obtained from the client B. Documents obtained by auditor from third parties directly. C. Carbon copies of sales invoices inspected by the auditor D. Computations made by the auditor...

Which of the following statements is, generally, correct about the reliability of audit evidence?

A. To be reliable, evidence should conclusive rather than persuasive B. Effective internal control system provides reliable audit evidence C. Evidence obtained from outside sources routed through the client D. All are correct....

The auditor’s permanent working paper file should not normally, include__________?

A. Extracts from client’s bank statements B. Past year’s financial statements C. Attorney’s letters D. Debt agreements...

For what minimum period should audit working papers be retained by audit firm?

A. For the time period the entity remains a client of the audit firm. B. For a period of ten years C. For a period auditor opines them to be useful in servicing the client D. For the period the audit firm is in existence....