Reference no: EM132670860

Basic questions for an auditing review sheet, please answer:

Materiality:

Problem 1: Understand materiality what it means, and related key concepts.

Problem 2: How is materiality used in the planning phase, and substantive phase of the audit.

Problem 3:  Impact of materiality on detection risk and extent of audit procedures.

Problem 4: Purpose of materiality calculated during planning.

Problem 5: If a different materiality is calculated for different statements what determines which one to pick (remember materiality is supposed to be just 1 number for all of the financial statements.)

Problem 6: The 3 levels of materiality and what they mean.

Problem 7: What qualitatively and quantitatively impacts the determination of materiality.