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Discuss why are different materiality bases considered

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Reference no: EM131818287

Review Exhibits 1 and 2; audit memos G-3 and G-4; and audit schedules G-5, G-6 and G-7. Based on your review, answer each of the following questions:

[a] Why are different materiality bases considered when determining planning materiality?

[b] Why are different materiality thresholds relevant for different audit engagements?

[c] Why is the materiality base that results in the smallest threshold generally used for planning purposes?

[d] Why is the risk of management fraud considered when determining performance materiality?

[e] Why might an auditor not use the same performance materiality amount or percentage of account balance for all financial statement accounts?

[f] Why does the combined total of individual account performance materiality commonly exceed the estimate of planning materiality?

[g] Why might certain trial balance amounts be projected when considering planning materiality?

[1] Based on your review of the Exhibits (1 and 2) and audit memos (G-3 and G-4), complete audit schedules G-5, G-6 and G-7.

Reference no: EM131818287

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