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S D2016

This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.

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August 5, 2018 at 9:56 am #466217
iza1
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Zed communications question. In some cases answer finds materiality using extrapolated revenue and some cases total assets to 2016 August which is not extrapolated. How should we decided which figure to use ? Why ahvent they extrapolated assets
August 6, 2018 at 7:58 am #466373
Kim Smith
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You are auditing financial statements for a year – the revenue info provided is for 8 months. Revenue for the year will therefore be estimated as 12/8 x revenue for 8 months.
I hope you can you see that it would be meaningless to similarly gross up balances.
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