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Dear Ken,
If an adjusting event has immaterial impact, does it still requires adjustment of financial statements?
And if so, then what happens if management refuses to make changes to immaterial adjustment events?
FS ahould be as true and fair as they can be, which, ideally means correcting every misstatement no matter how immaterial.
If management chooses not to correct an immaterial misstatement there will, really by definition, be no effect on the audit opinion. So no consequences. Obviously, if a material misstatement is not corrected, the audit opinion will be changed.
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