March 2020
Intermediate to advanced
928 pages
29h 45m
English
Content preview from Wiley Practitioner's Guide to GAAS 2020
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14AU-C 450 Evaluation of Misstatements Identified during the Audit
The Nature and Causes of Misstatements
Communication and Correction of Misstatements to Management
Evaluating the Effect of Uncorrected Misstatements
SCOPE
The auditor must evaluate the effect of identified misstatements and uncorrected misstatements. AU-C 450 provides guidance on the evaluation.
DEFINITIONS OF TERMS
Source: AU-C 450.04. For definitions related to this standard, see Appendix A, “Definitions of Terms”: Misstatement, Uncorrected misstatements.
OBJECTIVE OF AU-C SECTION 450
The objective of the auditor is to evaluate the effect of:
- Identified misstatements on the audit and
- Uncorrected misstatements, if any, on the financial statements
(AU-C Section 450.03)
The Nature and Causes of Misstatements
A misstatement may consist of:
- An inaccuracy in gathering or processing data from which financial statements are prepared
- An omission of a financial statement element, account, or item, or information required to be disclosed under the applicable financial reporting framework
- Financial statement disclosures that are not in accordance with the applicable financial reporting framework
- An incorrect accounting estimate arising from, for example, an oversight or misinterpretation of ...
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