Significant findings are to be documented by the auditor,including actions taken to address them and the basis for the final conclusion reached.Findings that might be significant include
A)accounting for complex or unusual transactions or accounting estimates or uncertainties
B)results of audit procedures indicating that the financial statements or disclosure could be materially misstated or the need for an auditor to revise his previous assessment of the risk of material misstatement
C)circumstances that made it relatively easy for the auditor to apply auditing procedures
D)findings that could result in modifications to management's report
E)adjustments that the auditor has made to the financial statements
F)both A and B
G)both C and D

Question

Quizplus · Accepted Answer

Significant findings that should be documented by the auditor include both accounting for complex or unusual transactions or accounting estimates or uncertainties and results of audit procedures indicating that the financial statements or disclosure could be materially misstated or the need for an auditor to revise his previous assessment of the risk of material misstatement. Adjustments that the auditor has made to the financial statements are also significant findings that need to be documented. However, circumstances that made it relatively easy for the auditor to apply auditing procedures or findings that could result in modifications to management's report may not necessarily be considered significant findings.

Significant Findings Are to Be Documented by the Auditor,including Actions