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Which statement best explains Materiality?

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Question ID #27630 UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC 2026 Full-Length Mock Test 10 Medium

Which statement best explains Materiality?

Correct Answer: C. Magnitude or nature of misstatement that could influence decisions of users
Materiality: Magnitude or nature of misstatement that could influence decisions of users

Question: Which statement best explains Materiality?

A. Procedure designed to evaluate operating effectiveness of controls

B. Risk that a material misstatement will not be prevented or detected and corrected by internal control

C. Magnitude or nature of misstatement that could influence decisions of users

D. Risk that audit procedures will not detect a material misstatement

Correct Answer: C. Magnitude or nature of misstatement that could influence decisions of usersMateriality: Magnitude or nature of misstatement that could influence decisions of users

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Which statement best explains Materiality? - MCQ Explanation

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Correct answer: C. Magnitude or nature of misstatement that could influence decisions of users