L3 Notes_Part_5 - Core Audit Concepts Materiality Risk Evidence Expense of searching for immaterial F/S would get cumbersome Planning and

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Expense of searching for immaterial F/S would get cumbersome Planning and identifying problems Integrity in evaluating and interpreting results and dealing with client pressure Referred to in auditor’s report Core Audit Concepts Materiality Evidence Risk W.R. Knechel Why assess risk and materiality?
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Materiality Judgment AU 312 Bond covenant constraints - accounting Loss v. gain, audit/engageme nt risk Management fraud Size relative to NI, revenue, TA Financial analyst’s expectations, Dollar magnitude of item Matter could affect a User’ s Decision Important enough to require qualification How Many Cues? How much evidence?
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L3 Notes_Part_5 - Core Audit Concepts Materiality Risk Evidence Expense of searching for immaterial F/S would get cumbersome Planning and

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