Two things that auditors do with misstatements during the audit are _______.
A)documenting and accumulating them
B)documenting and referring them to the internal auditors
C)documenting and referring them to senior management
D)accumulating and immediately correcting them

Question

Quizplus · Accepted Answer

Auditors are required to document all misstatements identified during the audit and accumulate them to evaluate their impact on the financial statements. Depending on the materiality and nature of the misstatement, auditors may also need to communicate them to the appropriate level of management for corrective actions. However, immediate correction of misstatements is not the responsibility of auditors as they do not have the managerial authority to change the financial records.

Two Things That Auditors Do with Misstatements During the Audit