Planning materiality may be taken at a lower figure than reporting materiality.

Related MCQs

• Materiality is classified by
• The materiality thresholds depend on the ____ of accounts and their _____.
• For accounts prepared on cash basis, in respect of gross receipts/expenditure, materiality percentage would be
• There is a direct relationship between materiality level and the level of audit risk
• The Auditing Standards of the C&AG of India comprise of i General Standards ii Field Audit Standards iii Field Standards iv Reporting Standards
• The document that presents an analysis of the main audit areas and a summary of the key planning decisions is called
• The risks identified from top down review of entities and which may affect a number of different account areas are called