WGU D251 Advanced Auditing Previous Exam Questions with 100% Correct Answers | Latest Version 2024 | Verified

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WGU D251 Advanced Auditing Previous Exam Questions with 100% Correct Answers | Latest Version 2024 | Verified Performance Materiality is also known as _____________. - ✔✔Tolerable Error Audito... r uses Performance Materiality for ____________. - ✔✔Determining significant accounts, locations, and audit procedures. Performance Materiality is what percent of Planning Materiality? - ✔✔75% What happens is Performance Materiality is set too high? - ✔✔Auditor might not perform sufficient procedures to detect material misstatements. What happens if Performance Materiality is set too low? - ✔✔Auditor might perform more substantive procedures than needed. Overall Materiality is also known as _________. - ✔✔Planning Materiality Auditors use Overall Materiality to ___________. - ✔✔Determine whether financial statements overall are materially correct. What does Posting Materiality signify? - ✔✔The misstatements identified throughout the audit that will be considered at the end of the audit in determining whether the financial statements are materially correct. What percentage is Posting Materiality commonly set at? - ✔✔5% of Planning Materiality What is Materiality? - ✔✔The magnitude of an omission or misstatement of accounting information that, in light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement.What makes a fact Material? - ✔✔If there is a substantial likelihood that a reasonable investor would have viewed the fact as having significantly altered the total mix of information made available. What is the materiality level that an auditor uses for determining significant accounts, significant locations, and audit procedures for those accounts and locations? - ✔✔Performance Materiality [Show More]

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