Auditor Responsibilities for Misstatement

Auditor Responsibilities for Misstatement

1.    Obtain Audit Evidence

Auditor shall obtain reasonable assurance that financial statement are not martially misstatement, however, due to inherent limitation there are fair chances that some misstatement may not be detected by  the auditor.

2.    Accumulation of Misstatement

All misstatement identified by the auditor during the audit are accumulated for the purposes of evaluating the effect of misstatement.

3.    Request Management to correct

Auditor shall communicated all identified misstatement to the management and request them to correct those misstatement. In case management refuse to correct the misstatement then auditor shall evaluate its impact on financial statement as whole.