April 2018
Beginner to intermediate
880 pages
28h 54m
English
| Source | Statement on Accounting Standards (SAS) 122. |
Source: AU-C Section 450.04
Misstatement. A difference between the amount, classification, presentation, or disclosure of a reported financial statement item and the amount, classification, presentation, or disclosure required for the item to be presented fairly in accordance with the applicable financial reporting framework. Misstatements can arise from fraud or error.
Misstatements also include those adjustments of amounts, classifications, presentations, or disclosures that, in the auditor's professional judgment, are necessary for the financial statements to be presented fairly, in all material respects.
AU-C Section 450.03 states that the objective of the auditor is to evaluate the effect of:
A misstatement may consist of: