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Question - In planning every audit, the auditors are required to consider materiality for audit purposes. Described below are financial statement data from two separate companies:
Franklin Co.
Tyler Co.
Total assets
$34,900,000
$2,700,000
Total revenue
29,600,000
4,500,000
Equity
13,800,000
1,000,000
Net income before taxes
1,600,000
90,000
Required -
a. Develop an estimate of the appropriate materiality amount for planning for Franklin Co., and describe how you arrived at the estimate.
b. Develop an estimate of the appropriate materiality amount of planning materiality for Tyler Co., and describe how you arrived at the estimate.
c. Describe five characteristics of a small misstatement that might render it qualitatively material.
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