April 2022
Intermediate to advanced
1056 pages
34h 59m
English
Content preview from Wiley Practitioner's Guide to GAAS 2022
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14AU-C 450 Evaluation of Misstatements Identified during the Audit
SCOPE
The auditor must evaluate the effect of identified misstatements and uncorrected misstatements. AU-C 450 provides guidance on the evaluation. AU-C 700 and AU-C 703 address the auditor's responsibility to form an opinion based on the audit evidence obtained. (AU-C 450.01)
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 an amount or disclosure, including inadequate or incomplete disclosures and omission of disclosures required to meet disclosure objectives of financial reporting framework
- Financial statement disclosures ...
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