Answered step by step
Verified Expert Solution
Question
1 Approved Answer
35. Steve is engaged to audit Shield of Cooperation, a nonprofit organization. During his audit, he discovered three misstatements to the financial statements, but those
35. Steve is engaged to audit Shield of Cooperation, a nonprofit organization. During his audit, he discovered three misstatements to the financial statements, but those misstatements, when aggregated, are lower than the amount Steve has designated as clearly trivial. How should these misstatements be addressed?
A. | Steve should post each of these misstatements to the summary of audit differences. | |
B. | Steve should aggregate these three misstatements together and post them to the summary of audit differences. | |
C. | Steve should aggregate these misstatements with larger misstatements to be a posted on the summary of audit differences. | |
D. | Steve can ignore these misstatements because they are below his nonposting threshold. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started