Auditors need to choose materiality amounts carefully because once a materiality judgment has been made, it cannot be revised.

Name: Auditors need to choose materiality amounts carefully because once a materiality judgment has been made, it cannot be revised.
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Question

Quizplus · Accepted Answer

Auditors can revise materiality judgments if they find new information that changes the materiality threshold or if earlier judgments were made in error. However, any revisions must be documented and explained in the audit documentation.

Auditors Need to Choose Materiality Amounts Carefully Because Once a Materiality