Question
Summary of Discovered Misstatements (Sales Account) Selection Number Reported Sale Amount Audited Sale Amount Misstatement Notes 5 $86,178.46 $68,178.46 $18,000 Transposition error 17 $217,934.70 $0
| Summary of Discovered Misstatements (Sales Account) | ||||
|---|---|---|---|---|
| Selection Number | Reported Sale Amount | Audited Sale Amount | Misstatement | Notes |
| 5 | $86,178.46 | $68,178.46 | $18,000 | Transposition error |
| 17 | $217,934.70 | $0 | $217,934.70 | Recorded in wrong accounting period |
| 21 | $135,476.94 | $135,905.64 | $(428.70) | Incorrect amount recorded |
| Total Misstatement | $235,506.00 | |||
Evaluate each misstatement listed above at the financial statement account level to determine whether or not each would be considered material.
Explain your rationale for each misstatement.
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Internal Auditing Assurance And Consulting Services
Authors: Kurt F. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Contributing Writer, Cris Ridd, Richard Tuschman
1st Edition
0894136100, 978-0894136108
