Performance materiality is used because of the possibility that there may be misstatements that were not captured by the audit procedures.Group of answer choicesTrueFalse

Materiality is one of the factors considered by the auditor when determining the nature, timing and extent of audit procedures and evaluating the effect of misstatements.Group of answer choicesTrueFalse

The materiality level of the audit is fixed throughout the engagement.Group of answer choicesTrueFalse

If the misstatements is lower than the particular materiality, in all cases, the audit may simply ignore it.Group of answer choicesTrueFalse

Which of the following is not an inherent limitation of an audit? Group of answer choicesaudit testing of selective samplesforming professional judgements in highly specialised areasauditor independencetime lapse between the balance date and the presentation of the audit report

In assessing the materiality levels, the auditor mainly considers the quantitative aspect of the Financial Statements and the qualitative aspects only follows it.Group of answer choicesTrueFalse