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Which of the following statements about preliminary assessment of materiality is FALSE It is a professional opinion, and it may not change during the engagement.
Which of the following statements about preliminary assessment of materiality is FALSE
It is a professional opinion, and it may not change during the engagement.
Auditors decide on the combined amount of misstatements in the financial statements that they would consider material early in the audit, when they are developing the overall strategy for the audit.
It is a matter of auditor judgement.
It is the maximum amount by which the auditor believes the statements could be misstated and still not affect the decisions of reasonable users.
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