What is the meaning of misstatement?
A misstatement is the difference between the required amount, classification, presentation, or disclosure of a financial statement line item and what is actually reported in order to achieve a fair presentation, as per the applicable accounting framework.Click to see full answer. Similarly, what does the word misstatement mean?the act of stating something that is false…
A misstatement is the difference between the required amount, classification, presentation, or disclosure of a financial statement line item and what is actually reported in order to achieve a fair presentation, as per the applicable accounting framework.Click to see full answer. Similarly, what does the word misstatement mean?the act of stating something that is false or not accurate: She corrected a few misstatements she made in her testimony. a deliberate misstatement of the facts. (Definition of misstatement from the Cambridge Business English Dictionary © Cambridge University Press)Likewise, what is projected misstatement? Projected/extrapolated mean the same thing – i.e. estimating misstatement in a population based on the misstatements in a sample. The projection may or may not be material. For example, using the so-called “ratio method” at its simplest: Recorded population $800,000. Sample value $270,000. Keeping this in consideration, how do you spell misstatement? Correct spelling for the English word “misstatement” is [m_?_s_s_t_ˈe?_t_m_?_n_t], [m?sstˈe??tm?nt], [m?sstˈe?tm?nt]] (IPA phonetic alphabet).What is an uncorrected misstatement?An uncorrected misstatement is a misstatement that the auditor has identified and accumulated during the audit that the client has not corrected (or adjusted), often because of materiality or cost/benefit consideration.
