Mr. D an auditor, while auditing ACE Ltd., identified certain misstatements in relation to particular class of transactions and account balances. He…
CA Intermediate · Auditing and Ethics · PYQS · May 2024
Mr. D an auditor, while auditing ACE Ltd., identified certain misstatements in relation to particular class of transactions and account balances. He had communicated same to those charged with governance and also taken written representation for the same. State the audit documentation required by the auditor regarding misstatements identified during the audit.
Suggested Answer and Working Notes:
Documentation regarding misstatements identified during audit: The audit documentation shall include: The amount below which misstatements would be regarded as clearly trivial; All misstatements accumulated during the audit and whether they have been corrected; and The auditor's conclusion as to whether uncorrected misstatements are material, individually or in aggregate, and the basis for that conclusion.
Topics: Completion and Review
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