Show transcribed image text You recently joined Ali Lim & Co, Chartered Accountants, as an intern. During the staff briefing for the audit of Wawasan Group Berhad, the audit partner emphasised the need to address the risks of material misstatements during the audit. Based on the evidence gathered during the audit of Wawasan Group Berhad, the auditors discovered the following misstatements in the audit of the client’s assets: The auditors have set the preliminary judgement about materiality level at RM50,000. (a) Discuss the auditors use of materiality to determine whether the financial statements are materially misstated, and the implications for the financial statements. (b) Assuming that the misstatements for inventory in the table above is RM15,000 and the performance materiality for the same account to be RM12,000, discuss the implications of your audit of the company’s financial statements.
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