Factual misstatement: Difference between revisions
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imported>Doug Williamson (Create page. Source: Accounting guide https://accountinguide.com/misstatement-in-audit/) |
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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.