The auditor compares the total likely misstatements to each significant segment of the financial statements,such as total current assets,total noncurrent assets,total current liabilities,total noncurrent liabilities,owners' equity,and pretax income,to determine if they are,in aggregate,material to the financial statements.
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Q1: The total likely misstatements found during the
Q3: When evaluating identified misstatements,the auditor only needs
Q4: The iron curtain method for assessing materiality
Q5: A culture that encourages auditors to seek
Q6: At the end of an audit,adjustments for
Q7: Misstatements detected during the audit that were
Q8: The materiality of a misstatement is based
Q9: FASB has set forth four categories of
Q10: Clients can waive audit adjustments,but only for
Q11: Review activities that are completed towards the
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