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Define the meaning of the term materiality

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Reference no: EM133145286

Questions -

1. What are the benefits derived from planning audits?

2. What are the responsibilities of the successor and predecessor auditors when a company is changing auditors?

3. What is the purpose of an engagement letter? What subjects should be covered in such a letter?

4. Who is considered the client when auditing public companies?

5. Explain why auditors need an understanding of the client's industry. What information sources are commonly used by auditors to learn about the client's industry?

6. Define what is meant by a related party. What are the auditor's responsibilities for related parties and related party transactions?

7. Identify the three categories of client objectives. Indicate how each objective may affect the auditor's assessment of risk of material misstatement and need for evidence accumulation.

8. Define the meaning of the term materiality as it is used in accounting and auditing. What is the relationship between materiality and the phrase obtain reasonable assurance used in the auditor's report?

Reference no: EM133145286

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