Question: What does it mean that the auditor must consider not only whether a material misstatement has already occurred from a control deficiency, but also whether

What does it mean that the auditor must consider not only whether a material misstatement has already occurred from a control deficiency, but also whether a material misstatement could have occurred?

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Auditors major purpose to audit a companys financial statements is determining any material misstatements in the financial statements and testing the effectiveness of internal controls over financial reporting The auditor must consider not only whether a material misstatement has already occurred from a control deficiency but also whether a material misstatement could have occurred during an audit Auditor consider this because a control deficiency can exist even if a financial statement ... View full answer

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