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1. 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.

Misstatements may be a result of error or of fraud.

Types of misstatement include factual misstatements and judgmental misstatements.

Misstatements include omissions.

In cases of identifying material misstatements, auditors will be unable to give an unqualified audit report.

2. Law.

Any false statement, not necessarily one made between two parties forming a contract together.

See also