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10 Cards in this Set
- Front
- Back
Materiality Bases for Profit Entities |
Normalized income before tax Revenues or Expenses Total Assets Equity |
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Materiality base for Not-For-Profit Entities |
Revenues or expenses Total assets |
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Materiality % for normalized income before tax |
3% to 7% |
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Materiality % for revenues or expenses |
1% to 3% |
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Materiality % for total assets |
1% to 3% |
|
Materiality % for equity |
3% to 5% |
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Performance Materiality %? What do we base the % on? |
60-75% RMM |
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What do we use to choose materiality %? |
Users sensitivity |
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What format do we use for control weakness’s ? |
Weakness Implication Recommendation |
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What format do we use for audit procedure ? |
Risk Account & Assertion Procedure |