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QUESTION 5 The generally accepted standards of fieldwork relate to A. Criteria for the content of the auditors report on fin


Principles of auditing
chapter 2

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Answer #1

Question 5

Standards of fieldwork: Standards of fieldwork states that an auditor must adequately plan, and should supervise all it's assistant during the work. He should also gain the understanding of the client and its environment, including internal controls, to assess the risk of material misstatement in the financial statements.

Hence, Option B is correct.

Question 6

Preliminary materiality judgment are determined during the planning phase by the auditor and its related to the amount of misstatements in an assertion or class of transactions that an auditor could tolerate.

Audit risk Increases when we set our material at low level, It means if we will reduce the materiality - Audit risk will increase and if we increase materiality Audit risk will decrease.

Hence, True. Inverse relationship

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