Answered: materiality level

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Completing A Quality Audit

Section: Chapter Questions

Problem 3CYBK

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You are the auditor of green case in for 2021. To date the aggregate of uncorrected misstatements that you have identified is approaching the materiality level. What is the best course of action to take?

a. Consider whether it is likely that undetected misstatements, when taken with aggregate uncorrected misstatements could exceed materiality level.
b. Consider whether it is likely that undetected misstatements, when taken with aggregate corrected misstatements could exceed materiality level.
c. Consider whether it is likely that undetected misstatements, when taken with individual uncorrected misstatements could exceed materiality level.
d. Consider whether it is likely that detected misstatements, when taken with aggregate uncorrected misstatements could exceed materiality level.

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