To obtain the known misstatements for the account balance or class of transactions,auditors
A)divide the likely misstatement by the projected misstatement
B)subtract the likely misstatement from the projected misstatement
C)add the projected misstatement to the likely misstatement
D)perform the audit procedure as specified in the audit program and determine the known misstatement from the evidence

Question

Quizplus · Accepted Answer

To obtain the known misstatements, auditors need to perform audit procedures as specified in the audit program and determine the known misstatement from the evidence gathered during the audit. It is not possible to obtain the known misstatement by dividing, subtracting, or adding the projected or likely misstatement.

To Obtain the Known Misstatements for the Account Balance or Class