CPA CFE Exam

Under CAS, what does the concept of materiality in planning an audit relate to?

The total assets of the company being audited The magnitude of misstatements that, individually or in aggregate, could reasonably be expected to influence the economic decisions of users of the financial statements The number of transactions processed during the year The auditor's fee for the engagement

Correct Answer:

The magnitude of misstatements that, individually or in aggregate, could reasonably be expected to influence the economic decisions of users of the financial statements

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