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xiaily xiaily
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Which of the following is a correct statement regarding materiality?

▸ There are well-defined guidelines that enable auditors to determine if something is material.

▸ Misstatements must be compared with some benchmark before a decision can be made about the materiality level of the failure of a company to follow GAAP.

▸ Pervasiveness is not considered when comparing potential misstatements with a base or benchmark.

▸ To evaluate overall materiality, the auditor does not combine all unadjusted misstatements.
Textbook 

Auditing and Assurance Services


Edition: 17th
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smiller94107smiller94107
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4 weeks ago
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Misstatements must be compared with some benchmark before a decision can be made about the materiality level of the failure of a company to follow GAAP.

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