alleryStart learning →When may materiality be revised during the audit?
AFacts would have lowered it
BA new partner takes over
CThe audit fee is revised
DThe client asks for it
Answer & Solution
Correct answer: A. Facts would have lowered it
Revision is called for only if information emerges that would have led to a lower materiality at the outset.
Keep practising Audit Planning Strategy and Execution
Browse all Audit Planning Strategy and Execution questions for CA Final, or explore more Auditing topics.
Related questions
Working papers help third parties do what?Internal audit tests the most important controls using which approach?Working papers help show that the audit was performed in line with what?Which development lets auditors analyse entire datasets instead of samples?If liquidation becomes imminent, statements are prepared on what basis?How long is the foreseeable future usually regarded under the going concern assumption?The IAASB issues which of these?Which body sets recognised standards for internal auditors?