which of the following statements is correct concerning materiality in a financial s 634196
Which of the following statements is correct concerning materiality in a financial statement audit?
- Analytical procedures performed during an audit’s review stage usually decrease materiality levels.
- If the materiality amount used in evaluating audit findings increases from the amount used in planning, the auditor should apply additional substantive tests.
- The auditor’s materiality judgments generally involve quantitative, but not qualitative, considerations.
- Materiality levels are generally considered in terms of the smallest aggregate level of misstatement that could be considered material to any one of the financial statements.