For well-planned audits, it is practical for auditors to provide assurances on immaterial amounts included in the financial statements.

Name: For well-planned audits, it is practical for auditors to provide assurances on immaterial amounts included in the financial statements.
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Question

Quizplus · Accepted Answer

Auditors focus on material amounts because immaterial amounts are considered too small to influence the decisions of users of the financial statements, making it impractical to provide assurances on them.

For Well-Planned Audits, It Is Practical for Auditors to Provide