Question 7 of 40

• Which of the following is not correct about materiality?
• A.The concept of materiality recognizes that some matters are more important for fair presentation of financial statements
• B.Materiality judgments are made in light of surrounding circumstances and necessarily involve quantitative and qualitative judgments
• C.Materiality should be predictable from audit to audit so that the readers of financial statements know what constitutes materiality
• D.An auditor's consideration of materiality is influenced by the auditor's perception of the need of the readers of the financial statements

Question 8 of 40

• Audit procedures are different than audit evidence because:A.Audit procedures address the competency and sufficiency of audit evidence
• B.Audit procedures are specific acts performed by the auditor to gather evidence about whether specific assertions are being met
• C.Audit procedures are specific acts to assess whether the financial statements "present fairly"
• D.Audit procedures do not have to be determined based on risk assessment