Which statement is not correct?
A)Auditors gather evidence using tests of controls and substantive tests.
B)The most important element in determining the level of materiality is the mathematical formula.
C)Auditors express an opinion in their audit report.
D)Auditors compare evidence to established criteria.

Question

Quizplus · Accepted Answer

The level of materiality is determined based on professional judgment, considering factors such as the size and nature of the entity and the users of the financial statements. While a mathematical formula can be used to calculate materiality, it is not the most important element in the determination process.

Which Statement Is Not Correct