Which of the following statements is not correct about materiality?

Related Mcqs:

Floating assets are valued at____________?

A. cost B. Market price C. Cost or market price whichever is lower D. Cost less depreciation...

In Pakistan, balance sheet audit is synonymous to___________?

A. Annual audit B. Continuous audit C. Detailed audit D. Statutory audit...

What would most effectively describe the risk of incorrect acceptance in terms of substantive audit testing?

A. The auditor has ascertained that the balance is materially correct when in actual fact it is not B. The auditor concludes the balance is materially misstated when in actual fact is not C. The auditor has rejected an item from sample which was not supported by documentary evidence D. He applies random sampling on … What would most effectively describe the risk of incorrect acceptance in terms of substantive audit testing?Read More...

If a casual vacancy in the office of auditor arises by his resignation it should only be filled by the company in a_________?

A. Board meeting B. extraordinary general meeting C. General meeting D. annual general meeting...

For companies required to produce interim financial statements (IFI):

A. one audit firm should audit the IFI and a different firm should audit the financial statements for the year as a whole. B. one accountancy firm should review the IFI and a different firm should audit the financial statements for the year as a whole. C. the same firm should audit the IFI and … For companies required to produce interim financial statements (IFI):Read More...