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Before concluding an audit, the auditor has some responsibility to consider audit procedures in areas or...

Before concluding an audit, the auditor has some responsibility to consider audit procedures in areas or events that might have material impact on disclosures and financial statements- What are those other procedures and events? -Discuss

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Answer #1

During the audit planning process the auditor decides what the level of materiality will be , taking into account the entirity of the financial statements to be audited. Materiality relates to both the contents of the financial statements and the level and type of the testing to be done. The decision is based on the judgement about the size, nature and particular circumstances of misstatements ( omissions ) that couls influence the users of the financial reports. In addition, the decision is influenced by legislative and regulatory requirements and public expectations.

If, during the audit, the auditor aquires information that would have caused it to determine a different materiality level, it will revise the materiality level accordingly.

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