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IIA Exam IIA-CFSA Topic 8 Question 49 Discussion

Actual exam question for IIA's IIA-CFSA exam
Question #: 49
Topic #: 8
[All IIA-CFSA Questions]

Not all misstatements will be material enough to affect the fair presentation of the financial statement. A material misstatement is one that the auditors determine would change or influence the option of a reasonable person relying on the financial statements for information. Ultimately, auditors must exercise judgment to assess materiality based on the qualitative nature of the misstatements and their quantitative extent. Materiality is also based on auditors' assessment of control risk levels in the organization. The following factors may influence the auditors' assessment of control risk EXCEPT:

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Suggested Answer: D

by Coletta at Apr 26, 2024, 04:15 AM

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Leila
5 months ago
Yes, I think so too. Because management's awareness of laws and regulations is important for compliance, which would influence control risk.
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Jolanda
5 months ago
I think it's A) Management's awareness or lack of awareness of applicable laws and regulations.
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Gerry
6 months ago
That's true. But which of the following factors may NOT influence the auditors' assessment of control risk?
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Jennifer
6 months ago
I believe auditors should also take into account the control risk levels in the organization.
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Leila
6 months ago
I agree. Auditors need to consider both qualitative and quantitative factors.
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Jolanda
6 months ago
I think materiality is a crucial concept in auditing.
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Lynna
7 months ago
That makes sense. It's important for auditors to consider all these factors when assessing materiality.
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Ammie
7 months ago
I believe it's management's awareness or lack of awareness of applicable laws and regulations.
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Jovita
7 months ago
Do you know which factor does NOT influence the auditors' assessment of control risk?
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Lynna
7 months ago
Yes, they play a crucial role in determining materiality in financial statements.
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Ammie
7 months ago
I think the factors that influence the auditors' assessment of control risk are important.
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