A essential element of this review could be the assessment of misstatements discovered through the review. This short article defines and covers what’s needed of ISA 450, Evaluation of Misstatements Identified through the Audit and offers some situations of this application for the ISA into the context associated with the Advanced Audit and Assurance exam.
ISA 450 – goals and definitions
In accordance with ISA 450, the goals for the auditor are to guage:
- The effect of identified misstatements from the review, and
- The end result of uncorrected misstatements, if any, regarding the economic statements