Evaluation of Misstatements Identified during the audit (CAS 540) Example: Overall materiality=40,000 Known(or Factual) misstatement = 25,000
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Evaluation of Misstatements Identified during the audit (CAS 540)
Example:
Overall materiality=40,000
Known(or Factual) misstatement = 25,000
projected(or extraploated) misstatements=25,000
estimated(or judgement) misstatement=15,000
The above is a suggested method of accumulating misstatements
Based on the misstatements above alone what is the appropriate audit report?
What are the auditor's opinion?
change materality?
change engagement type?
perform more audit procedures?
adjust balance?
resign?
modify the report?
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0134065823
16th edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
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