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AA (Bookshelf 5) > Material Inconsistencies > Flashcards

Material Inconsistencies Flashcards

1
Q

What does ISA 720 state (material)

A

States that the auditor shall read the other information to identify material inconsistencies with the audited financial statements

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2
Q

What does auditor consider in reading and the other information?

A

The auditor’s understanding of the entity and environment needs to be updated

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3
Q

What are the options for when an auditor reads the other information?

A

No material inconsistency with FSs

Material inconsistency with FSs

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4
Q

Result of no material inconsistency with FSs

A

Include other information section

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5
Q

Options for material inconsistency with FSs

A

Audited FS are misstated
Other information is misstated

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6
Q

When are audited FS misstated?

A

Management corrects FS
Management refuse to correct FS

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7
Q

Result of management correcting FS

A

Include Other Information section (after KAM(

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8
Q

Management refuse to correct FS

A

Modify audit opinion

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AA (Bookshelf 5) (42 decks)

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