Economics · Auditing
According to the auditing standards regarding uncorrected misstatements, which of the following is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A written representation should be requested from management to confirm whether they believe that the effects of unadjusted misstatements are immaterial, both individually and in aggregate, to the financial statements as a whole.✓
- 2If management refuses to correct misstatements, the auditor must immediately issue an adverse opinion.
- 3Where misstatements are not material, the auditor should request that management correct them in the following accounting period.
- 4ISA 450 states that the auditor only has a responsibility to accumulate material misstatements identified during the audit.
Correct answer
A written representation should be requested from management to confirm whether they believe that the effects of unadjusted misstatements are immaterial, both individually and in aggregate, to the financial statements as a whole.
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