Misstatements detected during the audit that were initially deemed to be immaterial must be summarized to determine which of the following?
A)Materiality.
B)Quantitative effect.
C)Aggregate effects.
D)Nature of misstatement.

Question

Quizplus · Accepted Answer

Aggregate effects are summarized to determine if the sum of misstatements, initially deemed immaterial, could collectively be material to the financial statements.

Misstatements Detected During the Audit That Were Initially Deemed to Be