CTHRepealedLegislation
ASA 720 - The Auditor’s Responsibilities Relating to Other Information in Documents Containing an Audited Financial Report - October 2009
Material Misstatements of Fact (Ref: ParMaterial Misstatements of Fact (Ref: Para. 14-16)
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Material Misstatements of Fact (Ref: Para. 14-16)
- When discussing an apparent material misstatement of fact with management, the auditor may not be able to evaluate the validity of some disclosures included within the other information and management’s responses to the auditor’s enquiries, and may conclude that valid differences of judgement or opinion exist.
- When the auditor concludes that there is a material misstatement of fact that management refuses to correct, appropriate further actions by the auditor may include obtaining advice from the auditor’s legal counsel.