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Leto [7]
1 year ago
5

The probability that either an error or fraud will result in a material misstatement is ______.

Social Studies
1 answer:
Sphinxa [80]1 year ago
4 0

The probability that either an error or fraud will result in a material misstatement is risk of material misstatement and inherent risk

<h3>What is material misstatement?</h3>

A major misrepresentation is information in the financial statements that is sufficiently false to have an effect on the financial choices of those who rely on it.

Some errors are material despite not being noteworthy in terms of magnitude. A loan made to a director of a corporation, for instance, is material because those who use financial statements will value the information for making decisions. Both fraud and error are the causes of misstatements.

A misrepresentation happens when anything in the financial accounts is not handled correctly, which means that the relevant financial reporting system, notably IFRS, has not been properly implemented.

To learn more about material misstatement visit:

brainly.com/question/20910754

#SPJ4

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Answer:

A) Receive funding from municipal park and recreation agencies            

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               A non profit organisation is a social organisation which deals in not for profit business. They are also known as not for profit organisation. They main purpose of any non profit organisations is to serve the society or serve any social cause. They do it by using their revenues to solve social problems and issues rather than sharing it with the organisation partners or share holders.

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Thus the answer is :

A) Receive funding from municipal park and recreation agencies          

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