Factual misstatement: Difference between revisions
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imported>Doug Williamson (Create page. Source: Accounting guide https://accountinguide.com/misstatement-in-audit/) |
imported>Doug Williamson (Mend link.) |
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* [[Disclosure]] | * [[Disclosure]] | ||
* [[Financial reporting]] | * [[Financial reporting]] | ||
* [[ | * [[Judgmental misstatement]] | ||
* [[Material]] | * [[Material]] | ||
* [[Misrepresentation]] | * [[Misrepresentation]] | ||
Latest revision as of 05:07, 2 July 2021
Financial reporting - audit.
In financial reporting, misstatements are differences between amounts reported - or other disclosures - in financial statements, and the amounts or disclosures required by relevant accounting standards.
Factual misstatements include numerical errors and misclassifications.
Factual misstatements can be objectively determined with certainty, unlike judgmental misstatements.
