Senior Audit Staff Interview Questions and Answers

Tolerable error is the maximum error that can be accepted in financial statements without affecting the decision-making process.

• Tolerable error is determined based on materiality thresholds set by the auditor.

• It is used to assess the accuracy and reliability of financial statements.

• If the actual error exceeds the tolerable error, it may lead to a qualified audit opinion.

• Tolerable error is influenced by factors such as the size and nature of the company.

• For example, a small er...read more