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Calculate materiality level to be used in the audit

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Q1) Calculate materiality level to be used in the audit of financial statements of Square Textiles Limited considering the following information: Profit Before Tax - Tk. 2,806,143 Gross Profit -Tk. 3,900,500 Revenue -Tk. 9,850,120 Total Assets-Tk. 15,250,125.

Q2) You are working as audit supervisor in a reputed CA firm of England.  You have been deputed to conduct the audit of Khan Ltd, which is a manufacturing company operating in England since 2010.

From the draft financial statements for the year ended 30 June 2017, you found that the company earned net income of $8,50,00,000 in the year ended on 30 June 2017. Calculate planning materiality.

Reference no: EM132819428

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