Management assertions and quantifying materiality

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What are management assertions? How do they affect the financial statements? How does the auditor formulate audit objectives based on management assertions?

Can materiality be quantified? If so, how? What are the three steps of applying materiality to an audit? What factors should be considered when allocating materiality to an account balance?

Select a current event article related to small business, tax or accounting. Provide the link to the article and then summarize your thoughts on the article. Post one discussion question relating to your article for the class to discuss.

Reference no: EM1355488

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