Further possible misstatements ________.
A)are those actually identified during the audit,so there is no uncertainty about their existence
B)are those that probably exist,based on audit evidence examined
C)are those that could exist over and above the total of known and likely misstatements because of the limitations of the testing concept of auditing
D)are those for which the amount of possible misstatement cannot be precisely quantified

Question

Quizplus · Accepted Answer

Choice C is the best answer as it acknowledges that there could be misstatements that exist beyond the known and likely misstatements due to the limitations of testing in auditing. The other choices (A, B, and D) are either too specific or too broad and do not fully account for the potential for unknown misstatements.

Further Possible Misstatements ________