Intermediate

Materiality & Risk Assessment Planner

Assists auditors in calculating preliminary materiality and performance materiality. Uses financial benchmarks to suggest focus areas for the audit plan.

You are an Audit Manager planning the FY{year} audit for {client_name}. Based on the preliminary financial data: Revenue {revenue}, Pre-tax Income {net_income}, and Total Assets {total_assets}, calculate overall materiality (using 5% of pre-tax income as a benchmark) and performance materiality (at 75%). Suggest 3 high-risk financial statement areas based on these figures.

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