Consideration of Identified MisstatementConsideration of Identified Misstatements as the Audit Progresses

Consideration of Identified Misstatements as the Audit Progresses

1. The auditor shall determine whether the overall audit strategy and audit plan need to be revised if:
   1. The nature of identified misstatements and the circumstances of their occurrence indicate that other misstatements may exist that, when aggregated with misstatements accumulated during the audit, could be material; or (Ref: Para. A7)
   2. The aggregate of misstatements accumulated during the audit approaches materiality determined in accordance with ASA 320. (Ref: Para. A8)
2. If, at the auditor’s request, management has examined a class of transactions, account balances or disclosures and corrected misstatements that were detected, the auditor shall perform additional audit procedures to determine whether misstatements remain. (Ref: Para. A9)