25

Auditing standards define materiality as the magnitude of misstatements that individually, or when aggregated with other misstatements, could reasonably be expected to influence the economic decisions of management made on the basis of the financial statements

t/f

27

The audit risk model helps auditors decide how much and what types of evidence to accumulate for each relevant audit objective

t/f

28

Risk is a measure of uncertainty, whereas materiality is a measure of magnitude or size

t/f