The auditor considers materiality only at the overall financial statement level.

Name: The auditor considers materiality only at the overall financial statement level.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The auditor considers materiality at both the overall financial statement level and the individual account balance or transaction level. Materiality is an important concept in the audit process as it helps the auditor determine the nature, timing, and extent of audit procedures to be performed.

The Auditor Considers Materiality Only at the Overall Financial Statement