Question
Smith & Associates are the auditors of Fleur Corp. For the year 2020, Smith set the overall materiality of $1,500,000, and a tolerable misstatement of
Smith & Associates are the auditors of Fleur Corp. For the year 2020, Smith set the overall materiality of $1,500,000, and a tolerable misstatement of $750,000. During the year, the identified the following misstatements:
Inventory: 500,000
Accounts Receivables: 600,000
Accounts Payable: 650,000
What should the auditor do?
Step by Step Solution
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Step: 1
The auditors role is to assess whether the financial statements of Fleur Corp are free from mat...
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Financial and Managerial Accounting
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
11th Edition
9780538480901, 9781111525774, 538480890, 538480904, 1111525773, 978-0538480895
