Explain the following terms in relation to auditing : (v) Misstatement.
CS Executive · Company Accounts & Auditing Practices · PYQS · June 2019
Explain the following terms in relation to auditing : (v) Misstatement.
Answer & Explanation:
Misstatement: Misstatement is a difference between the amount, classification, presentation or disclosure of a reported financial statement item and the amount, classification, presentation or disclosure that is required for the item to be in accordance with the applicable financial reporting framework.
Topics: Audit Evidence
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