Advanced auditing Study guides, Class notes & Summaries

Performance Materiality is also known as _____________. - Tolerable Error Auditor uses Performance Materiality for ____________. - Determining significant accounts, locations, and audit procedures. Performance Materiality is what percent of Planning Materiality? - 75% What happens is Performance Materiality is set too high? - Auditor might not perform sufficient procedures to detect material misstatements. What happens if Performance Materiality is set too low? - Auditor might perform more...

Final Exam: Advanced Auditing| 149 Questions and Answers 100% AccurateFinal Exam: Advanced Auditing| 149 Questions and Answers 100% AccurateFinal Exam: Advanced Auditing| 149 Questions and Answers 100% AccurateFinal Exam: Advanced Auditing| 149 Questions and Answers 100% AccurateWhich of the following major stages of the audit is most closely related to variables sampling? a. Determining preliminary levels of performance materiality b. Performing tests of controls procedures c. Performing sub...

The auditor's judgment concerning the overall fairness of the presentation of financial position, results of operations, and cash flows is applied within the framework of: A: quality control. B: generally accepted auditing standards, which include the concept of materiality. C: the auditor's evaluation of the audited company's internal control. D: the applicable financial reporting framework (i.e., GAAP in the United States). - D: the applicable financial reporting framework (i.e., GAAP...

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WGU D251 ADVANCED AUDITING FINAL EXAM | 300+ Questions with 100% Correct Answers | Updated & Verified 2023 . WGU D251 - Advanced Auditing 2023 1. misstatement: An error, either intentional or unintentional, that exists in a transaction or financial statement account balance. 2. alternative procedures: Procedures used to obtain evidence about the existence and valuation of accounts receivable when a positive confirmation is not returned, including examining cash collected after the conf...

WGU D251 - Advanced Auditing Exam Questions With 100% Correct Answers | Verified | Latest Update 2024/2025 | 26 Pages. misstatement - Correct Answer-An error, either intentional or unintentional, that exists in a transaction or financial statement account balance. alternative procedures - Correct Answer-Procedures used to obtain evidence about the existence and valuation of accounts receivable when a positive confirmation is not returned, including examining cash collected after the confirma...

Which phrase or term regarding materiality is used by the Supreme Court of the United States and is not found in FASB Concepts Statements No. 2 in light of surrounding circumstances significantly altered the total mix of information available magnitude of an omission or misstatement probable that the judgment of a reasonable person significantly altered the total mix of information available Which materiality does an auditor use when determining whether the financial statemen...

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Advanced Auditing Final Questions and Answers 100% Verified Advanced Auditing Final Questions and Answers 100% Verified Advanced Auditing Final Questions and Answers 100% Verified Advanced Auditing Final Questions and Answers 100% Verified What is the materiality level that an auditor uses for determining significant accounts, significant locations, and audit procedures for those accounts and locations? - ANSWER-Performance materiality An auditor has determined performance materiality has bee...