Auditors are generally left without definitive,quantitative guidelines for determining materiality.

Name: Auditors are generally left without definitive,quantitative guidelines for determining materiality.
Brand: Quizplus
Rating: 4.8 (49 reviews)

Question

Quizplus · Accepted Answer

Materiality is a judgmental concept and the determination of materiality depends on various factors such as the nature of the item, its size, and the specific circumstances of the engagement. Therefore, auditors are generally not given definitive, quantitative guidelines for determining materiality.

Auditors Are Generally Left Without Definitive,quantitative Guidelines for Determining Materiality