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9-3
9-10

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Muhammad Yusra Naim B. Mohd Zulkeple Amin 01DAT16F1018

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Muhammad Yusra Naim B. Mohd Zulkeple Amin 01DAT16F1018

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Muhammad Yusra Naim B. Mohd Zulkeple Amin 01DAT16F1018

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Muhammad Yusra Naim B. Mohd Zulkeple Amin 01DAT16F1018

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Review Question

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| SUBJECT  | AUDITING
| NAME  | MUHAMMAD RAFIQI BIN MASRI
| MATRIC NO | 01DAT16F1126

Questions 9-3 and 9-10

9-3. Explain why materiality is important but difficult to apply in practice ?

Materiality is important because if financial statements are materiality misstated. Users’ decisions may be affected, and thereby cause financial loss to them. It is difficult to apply because there are often many different users of the financial statements. The auditor must therefore make assessment of the likely users and the decisions they will make. Materiality also difficult to apply because it is relative concept. The professional auditing standards offer little specific guidance regarding the application of materiality. The auditor must therefore exercise considerable professional judgment in the application of materiality.

9-10. How will the conduct of an audit of a medium-sized company be affected by the company’s being small part of a large conglomerate as compared with it being a separate entity ?

If an audit can be performed on a medium- sized company that is part of a conglomerate. The auditor must make a materiality judgment based upon the conglomerate. Materiality may be larger for a company that is part of a conglomerate because even trough the financial statements of the medium-sized company may be misstated, the financial statements of the large conglomerate might still be fairly stated if, however the auditor is giving a separate opinion on the medium-sized company, the materiality would be lower rhan for the audit of a conglomerate.

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9.3 Explain why materiality is important but difficult to apply in practice?
-Materiality is important because if financial statements are material misstated, users' decisions may be affected and that may cause them loss. It is difficult to apply because there are many different users of the financial statements. Auditors must must make an assessment of the likely users, and exercise professional judgment in the application of materiality.

9.10 How will the conduct of an audit of a medium sized company be affected by the company's being a small part of a large conglomerate as compared with it being a separate entity?
-If an audit is being performed on a medium sized company that is part of a conglomerate, the auditor must make a materiality judgment based upon the conglomerate. Materiality may be larger for a company that is part of a conglomerate because even though the financial statements of the medium sized company may be misstated, the financial statements of the large conglomerate might still be fairly stated. If the auditor is giving a serape opinion on the medium sized company, the materiality would be lower than for the audit of a conglomerate.

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NAZATUL 'IZZATI BINTI MOHD AMDAN (01DAT16F1011)

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NAZATUL 'IZZATI BINTI MOHD AMDAN (01DAT16F1011)

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9-3 Explain why materiality is important but difficult to apply in practice?
*Materiality is important because if financial statements are material misstated, users' decisions may be affected and that may cause them loss.
*It is difficult to apply because there are many different users of the financial statement. Auditors must make an assessment of the likely users, and exercise professional judgement in the application materiality.

9-10 How will the conduct of an audit of a medium sized company be affected by the company's being a small part of a large conglomerate as compared with it being a separate entity?
*It an audit is being performed on a medium sized company that is part of a conglomerate, the auditor must make a materiality judgement based upon the conglomerate. Materiality may be larger for a company that is part of a conglomerate because even though the financial statements of the medium sized company may be misstated, the financial statements of the larger conglomerate might still be fairly stated. If the auditor is giving a serape opinion on the medium sized company, the materiality would be lower than for the audit of a conglomerate

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9-3(objective 9-1,9-2) Explain why materiality is important but difficult to apply in practice.
Answer:
Materiality is important because if financial statements are materially misstated, users' decisions may be affected, and thereby cause financial loss to them. It is difficult to apply because there are often many different users of the financial statements. The auditor must therefore make an assessment of the likely users and the decisions they will make. Materiality is also difficult to apply because it is a relative concept. The professional auditing standards offer little specific guidance regarding the application of materiality. The auditor must, therefore, exercise considerable professional judgment in the application of materiality.

9-10(objective 9-2) How will the conduct of an audit of a medium-sized company be affected by the company's being a small part of of a large conglomerate as compared with it being a separate entity?
Answer:
If an audit is being performed on a medium-sized company that is part of a conglomerate, the auditor must make a materiality judgment based upon the conglomerate. Materiality may be larger for a company that is part of a conglomerate because even though the financial statements of the medium-sized company may be misstated, the financial statements of the large conglomerate might still be fairly stated. If, however, the auditor is giving a separate opinion on the medium-sized company, the materiality would be lower than for the audit of a conglomerate.

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| SUBJECT  | AUDITING
| NAME  | AIDA SYAZANA BINTI MOHMAD NAZRI
| MATRIC NO | 01DAT16F1004

Questions 9-3 and 9-10

9-3. Explain why materiality is important but difficult to apply in practice ?

Materiality is important because if financial statements are materiality misstated. Users’ decisions may be affected, and thereby cause financial loss to them. It is difficult to apply because there are often many different users of the financial statements. The auditor must therefore make assessment of the likely users and the decisions they will make. Materiality also difficult to apply because it is relative concept. The professional auditing standards offer little specific guidance regarding the application of materiality. The auditor must therefore exercise considerable professional judgment in the application of materiality.

9-10. How will the conduct of an audit of a medium-sized company be affected by the company’s being small part of a large conglomerate as compared with it being a separate entity ?

If an audit can be performed on a medium- sized company that is part of a conglomerate. The auditor must make a materiality judgment based upon the conglomerate. Materiality may be larger for a company that is part of a conglomerate because even trough the financial statements of the medium-sized company may be misstated, the financial statements of the large conglomerate might still be fairly stated if, however the auditor is giving a separate opinion on the medium-sized company, the materiality would be lower rhan for the audit of a conglomerate.

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| SUBJECT  | AUDITING
| NAME  | NUR AIN HIDAYAH BINTI MAT SOKRI
| MATRIC NO | 01DAT16F1063

Questions 9-3 and 9-10

9-3. Explain why materiality is important but difficult to apply in practice ?

Materiality is important because if financial statements are materiality misstated. Users’ decisions may be affected, and thereby cause financial loss to them. It is difficult to apply because there are often many different users of the financial statements. The auditor must therefore make assessment of the likely users and the decisions they will make. Materiality also difficult to apply because it is relative concept. The professional auditing standards offer little specific guidance regarding the application of materiality. The auditor must therefore exercise considerable professional judgment in the application of materiality.

9-10. How will the conduct of an audit of a medium-sized company be affected by the company’s being small part of a large conglomerate as compared with it being a separate entity ?

If an audit can be performed on a medium- sized company that is part of a conglomerate. The auditor must make a materiality judgment based upon the conglomerate. Materiality may be larger for a company that is part of a conglomerate because even trough the financial statements of the medium-sized company may be misstated, the financial statements of the large conglomerate might still be fairly stated if, however the auditor is giving a separate opinion on the medium-sized company, the materiality would be lower rhan for the audit of a conglomerate.

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NOR HIDAYAH ELLISA BINTI MOHD SAYUTI
01DAT16F1005

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9-10

if an audit is being performed on a medium sized company that is part of a conglomerate, the auditor must make a materiality judgement based on conglomerate. Materiality may be larger for a company that is part of  conglomerate because even though the financial statements of the medium sized company may be misstated, the financial statements of the large conglomerate might still be fairly stated. If,howeer the auditor is giving a separate opinion on the medium sized company, the materiality would be lower than for the audit of a conglomerate

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9-3

Materiality is important because if financial statements are material misstated, users' decision may be affected and that may cause them loss. It is dificult to apply because there are many different users of the financial statements. Auditors must make an assessment of the likely users, and exercise professional judgement in he application of materiality.

9-10

if an audit is being performed on a medium sized company that is part of a conglomerate, the auditor must make a materiality judgement based on conglomerate. Materiality may be larger for a company that is part of conglomerate because even though the financial statements of the medium sized company may be misstated, the financial statements of the large conglomerate might still be fairly stated. If,howeer the auditor is giving a separate opinion on the medium sized company, the materiality would be lower than for the audit of a conglomerate

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9-3) explain why materiality is important but difficult to apply in practice?

It is important because if financial statements are materially misstated,user’s decisions may be affected, and thearby cause financial loss to them. It is difficult to apply because there are often many different users of the financial statements.the auditor must therefore make an assessment of the likely users and the decisions they will make.Materiallity is also difficult to apply because it is a relative concept.The professional auditing standards offer little specific guidance regarding the application of materiality.The auditor must therefore exercise considerable professional judgement in the application of materiality.

9-10) how will the conduct of an audit of a medium-sized company be affected by the company’s being a small part of a large conglomerate as compared with it being a separate entity?

The auditor must make a materiality judgement based upon the conglomerate.Materiality may be larger for a company that is part of a conglomerate because even though the financial statement of the medium-sized company may be  misstated.the financial of the large conglomerate might still be fairly stated.If, the auditor is giving a separate opinion on the medium-sized company,the materiality would be lower than for the audit of a conglomerate.

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9.3 Explain why materiality is important but difficult to apply in practice.

Materiality is important because if financial statements are material misstated, users' decisions may be affected and that may cause them loss. It is difficult to apply because there are many different users of the financial statements. Auditors must must make an assessment of the likely users, and exercise professional judgment in the application of materiality.

9.10 How will the conduct of an audit of a medium-sized company be affected by the company’s being a small part of a large conglomerate as compared with being a separate entity?

If an audit is being performed on a medium sized company that is part of a conglomerate, the auditor must make a materiality judgment based upon the conglomerate. Materiality may be larger for a company that is part of a conglomerate because even though the financial statements of the medium sized company may be misstated, the financial statements of the large conglomerate might still be fairly stated. If the auditor is giving a separate opinion on the medium sized company, the materiality would be lower than for the audit of a conglomerate.
There are also a few factors that will change auditor’s preliminary matrialiy judgement which are the materiality is a relative rather than an absolute concept, a misstatement of a given magnitude might be material for a small company, whereas the same ringgit misstatement could be immaterial for a large one. Next, bases needed for evaluating materiality, it is necessary to have bases for establishing whether misstatement are material. After establishing a primary base, auditors should decide whether the misstatements could materially affect the reasonableness of other bases. Lastly, there are also qualitative factors affect the materiality. For instance, the amount involving fraud are usually considered more important than unintentional errors of equal ringgit amount and misstatements that are immaterial but arising from contractual obligations and trend in earnings may need auditors’ concern.

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REVIEW QUESTION

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AARUN A/L SUBRAMANI

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MOHD FARIDZUAN BIN FARIN YUZRIN 01DAT16F1019

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MOHD FARIDZUAN BIN FARIN YUZRIN 01DAT16F1019

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9-3 Materiality is important but difficult to apply in practice because auditors are responsible for determining whether financial statements are materially misstated, they must, upon discovering a material misstatement, btinf it to the client's attention so that  a correction can be made. If thevclient refuses to correct the statements, the auditor must issue a qualified or an adverse opinion, depending on the materiality of the misstatement. To make such determinations, auditors depend on a thorough knowledge of the application of materiality.
9-10 The conduct of an audit of a medium-sized company be affected by the company's being a small part of a large conglomerate as compared with it being a separate entity by
-Amounts involving fraud are usually considered more important than unintentional errors of equal ringgit amounts because fraud reflects on the honesty and reliability of the management or other personnel involved - examples,most users consider an intentional misstatement of inventory more important than clerical errors in inventory of the same ringgit amount.
-Misstatements that are otherwise minor may be material if there are possible consequences arising from contractual obligations - examples,say that net working capital included in the financial statements is only a few hundred ringgits more than the required minimum in a loan agreement. Ig the correct net working capital were less than the required minimum, putting thr loan in default, the current and noncurrent liability classifications would be materially affected.
-Misstatements that are otherwise immaterial may be material if they affect a trend in earnings - examples, if reported income has increased 3 percent annually for the past 5 years but income for the current year has declined 1 percent, that change may be material. Similarly, a misstatement that would cause a loss to be reported as a profit may be concern.

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9-3(objective 9-1)

Materiality is important because if financial statements are materially misstated, users' decisions may be affected, and thereby cause financial loss to them. It is difficult to apply because there are often many different users of financial statements.

9-10(objective 9-2)
Materiality would be lower for a company that is part of a conglomerate because even though the financial statements of the​ medium-sized company may be​ misstated, the financial statements of the large conglomerate might still be fairly stated.​ If, however, the auditor is giving a separate opinion on the​ medium-sized company, the materiality may be larger than for the audit of a conglomerate.

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NUR AQILAH BINTI ABD RAHMAN(01DAT16F1001)

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NUR AQILAH BINTI ABD RAHMAN(01DAT16F1001)

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9-10(objective 9-2)how will the conduct of an audit of a medium-sized company be affected by the company's being a small part of of a large conglomerate as compared with it being a separate entity?

Answer:

If an audit is being performed on a medium-sized company that is part of a conglomerate, the auditor must make a materiality judgment based upon the conglomerate. Materiality may be larger for a company that is part of a conglomerate because even though the financial statements of the medium-sized company may be misstated, the financial statements of the large conglomerate might still be fairly stated. If, however, the auditor is giving a separate opinion on the medium-sized company, the materiality would be lower than for the audit of a conglomerate.

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9-10(objective 9-2)how will the conduct of an audit of a medium-sized company be affected by the company's being a small part of of a large conglomerate as compared with it being a separate entity?

Answer:

If an audit is being performed on a medium-sized company that is part of a conglomerate, the auditor must make a materiality judgment based upon the conglomerate. Materiality may be larger for a company that is part of a conglomerate because even though the financial statements of the medium-sized company may be misstated, the financial statements of the large conglomerate might still be fairly stated. If, however, the auditor is giving a separate opinion on the medium-sized company, the materiality would be lower than for the audit of a conglomerate.

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9-3(Objective 9-1)

Materiality is important because if financial statements are materially misstated, users' decisions may be affected, and thereby cause financial loss to them. It is difficult to apply because there are often many different users of financial statements.

9-10(Objective 9-2)

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SYED MUHAMMAD IHSAN BIN SYED ABDUL HALIM 01DAT16F1056

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SYED MUHAMMAD IHSAN BIN SYED ABDUL HALIM 01DAT16F1056

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9-3 Materiality is important because if financial statements are materiality misstated, user's decisions may be affected, and thereby cause financial loss to them. It is difficult to apply because there are often many different users of the financial statement. The auditor must  therefore make an assessment of the likely users and the decisions they will make. Materiality is also difficult to apply because it is a relative concept. The professional auditing standards offer little specific guidence regarding the application of materiality. The auditor must, therefore, exercise considerable professional judgement in the application of materiality.

9-10 If an audit is being performed on a medium-sized company that is part of a conglomerate, the auditor must make a materiality judgement based upon the conglomerate. Materiality may be larger for a company that is part of a conglomerate because even though the financial statements of the medium-sized company may be misstated, the financial statements of the large conglomerate might still be fairly stated. If, however, the auditor is giving a separate opinion on the medium-sized company, the materiality would be lower than for the audit of a conglomerate.

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9-3 Materiality is important because if financial statements are materiality misstated, user's decisions may be affected, and thereby cause financial loss to them. It is difficult to apply because there are often many different users of the financial statement. The auditor must  therefore make an assessment of the likely users and the decisions they will make. Materiality is also difficult to apply because it is a relative concept. The professional auditing standards offer little specific guidence regarding the application of materiality. The auditor must, therefore, exercise considerable professional judgement in the application of materiality.

9-10 If an audit is being performed on a medium-sized company that is part of a conglomerate, the auditor must make a materiality judgement based upon the conglomerate. Materiality may be larger for a company that is part of a conglomerate because even though the financial statements of the medium-sized company may be misstated, the financial statements of the large conglomerate might still be fairly stated. If, however, the auditor is giving a separate opinion on the medium-sized company, the materiality would be lower than for the audit of a conglomerate.

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01dat16f1012 WAN NOR ATIQAH HANNAN BT WAN AZIZ

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01dat16f1012 WAN NOR ATIQAH HANNAN BT WAN AZIZ

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NURDHANIAH BINTI MOHD KASSIM 01DAT16F1064

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NURDHANIAH BINTI MOHD KASSIM 01DAT16F1064

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NURUL NABILAH BINTI MOHD ISA(01DAT16F1061)

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Materiality is important because if financial statements are material mistated,users' decisions may be affected and that may cause them loss.It is dificult to apply because there are many different users of the financial statement

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ANIS AINUR FATIN BINTI MOHD TAKHIUDDIN (01DAT16F1111)

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ANIS AINUR FATIN BINTI MOHD TAKHIUDDIN (01DAT16F1111)

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9-3(objective 9-1,9-2)Explain why materiality is important but difficult to apply in practice.

Answer:

Materiality is important because if financial statements are materially misstated, users' decisions may be affected, and thereby cause financial loss to them. It is difficult to apply because there are often many different users of the financial statements. The auditor must therefore make an assessment of the likely users and the decisions they will make. Materiality is also difficult to apply because it is a relative concept. The professional auditing standards offer little specific guidance regarding the application of materiality. The auditor must, therefore, exercise considerable professional judgment in the application of materiality.

9-10(objective 9-2)how will the conduct of an audit of a medium-sized company be affected by the company's being a small part of of a large conglomerate as compared with it being a separate entity?

Answer:

If an audit is being performed on a medium-sized company that is part of a conglomerate, the auditor must make a materiality judgment based upon the conglomerate. Materiality may be larger for a company that is part of a conglomerate because even though the financial statements of the medium-sized company may be misstated, the financial statements of the large conglomerate might still be fairly stated. If, however, the auditor is giving a separate opinion on the medium-sized company, the materiality would be lower than for the audit of a conglomerate.

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ANIS AINUR FATIN BINTI MOHD TAKHIUDDIN (01DAT16F1111)

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ANIS AINUR FATIN BINTI MOHD TAKHIUDDIN (01DAT16F1111)

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NUR SHUHADA BINTI MOHD SHUKRI 01DAT16F1009

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NUR SHUHADA BINTI MOHD SHUKRI 01DAT16F1009

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Nur afiqah bt joha

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01DAT16F1009

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NUR AFIQAH BT JOHARI

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01DAT16F1002 (NUR HUSNA SHAFINA BINTI HUZAIME)

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01DAT16F1002 (NUR HUSNA SHAFINA BINTI HUZAIME)

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9-3) Explain why materiality is important but difficult to apply in practice?

Materiality is important because if financial statements are material misstated, users' decisions may be affected and that may cause them loss. It is difficult to apply because there are many different users of the financial statements. Auditors must must make an assessment of the likely users, and exercise professional judgment in the application of materiality.

9-10) How will the conduct of an audit of a medium sized company be affected by the company's being a small part of a large conglomerate as compared with it being a separate entity?

If an audit is being performed on a medium sized company that is part of a conglomerate, the auditor must make a materiality judgment based upon the conglomerate. Materiality may be larger for a company that is part of a conglomerate because even though the financial statements of the medium sized company may be misstated, the financial statements of the large conglomerate might still be fairly stated. If the auditor is giving a serape opinion on the medium sized company, the materiality would be lower than for the audit of a conglomerate.

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Irra nurshahira binti kamal

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9-3

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01DAT16F1043 MOHAMMAD ZUHRIE NAIM BIN ZULKIFLI

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01DAT16F1043 MOHAMMAD ZUHRIE NAIM BIN ZULKIFLI

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Review question
9-3
9-10
Answer 👇