Chapter 1, Problem 3ISTQ

Explain how materiality differs for failure to follow GAAP and for lack of independence.  (Better explanation)

What is the primary difference between the APT and the CAPM?

Which of the following is true of “professional judgement”?   A. It plays an especially important role in ASPE and IFRS   B. It is important where standards are based primarily on general principles rather than specific rules.   C. All of the other alternatives are correct.   D. It is used in conjunction with the conceptual framework in the absence of specific standards.