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material misstatements

This topic has 3 replies, 2 voices, and was last updated 10 years ago by Ken Garrett.

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August 24, 2015 at 8:04 am #268315
mansoor
Participant
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the following statement about misstatements is incorrect:
“the auditor only keeps a record of material misstatements identified during the audit”
why is this incorrect??
August 25, 2015 at 10:54 pm #268524
Ken Garrett
Keymaster
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The auditor keeps a record of all misstatements found.
August 26, 2015 at 3:28 am #268538
mansoor
Participant
- Topics: 424
- Replies: 542
what is the difference??
August 27, 2015 at 9:29 am #268756
Ken Garrett
Keymaster
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Find out for yourself by looking at the definition of material misstatement given in the notes and explained in the lectures.
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