April 2023
Intermediate to advanced
1056 pages
34h 59m
English
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)
Source: AU-C 450.04. For definitions related to this standard, see Appendix A, “Definitions of Terms”: Misstatement, Uncorrected misstatements.
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)
A misstatement may consist of: