Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 129 views

    AUDIT

    Uploaded by

    Nur Liena Amiera
    The document contains an unadjusted misstatement audit schedule listing various possible misstatements in current assets, non-current assets, current liabilities, and income before tax. It also notes that the materiality threshold for the audit of Westmoreland is $75,000. If the misstatements totaling $249,000 are not corrected, the financial statements would be materially misstated and the auditor would not be able to issue an unqualified opinion.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    AUDIT

    Uploaded by

    Nur Liena Amiera
    129 views1 page
    The document contains an unadjusted misstatement audit schedule listing various possible misstatements in current assets, non-current assets, current liabilities, and income before tax. It also notes that the materiality threshold for the audit of Westmoreland is $75,000. If the misstatements totaling $249,000 are not corrected, the financial statements would be materially misstated and the auditor would not be able to issue an unqualified opinion.

    Original Description:

    Case Study 24-33

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document contains an unadjusted misstatement audit schedule listing various possible misstatements in current assets, non-current assets, current liabilities, and income before tax. It also notes that the materiality threshold for the audit of Westmoreland is $75,000. If the misstatements totaling $249,000 are not corrected, the financial statements would be materially misstated and the auditor would not be able to issue an unqualified opinion.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    129 views1 page

    AUDIT

    Uploaded by

    Nur Liena Amiera
    The document contains an unadjusted misstatement audit schedule listing various possible misstatements in current assets, non-current assets, current liabilities, and income before tax. It also notes that the materiality threshold for the audit of Westmoreland is $75,000. If the misstatements totaling $249,000 are not corrected, the financial statements would be materially misstated and the auditor would not be able to issue an unqualified opinion.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    NUR LIENA AMIERA BINTI SUHAIMI

    1140560 TMB3

    DISCUSSION QUESTIONS AND PROBLEMS

    24-33.

    A) Unadjusted misstatement audit schedule using the format:

    Possible Misstatement overstatement (understatement)

    Type Total Current Non- Current Income


    misstatem amount assets current liabilities before tax
    ent asset
    Timing 125,000 125,000 (125,000)
    Depreciatio 85,000 (60,000) 15,000
    n expenses
    items to be
    capitalized
    Overstatem 44,000 (44,000) (44,000)
    ent in
    account
    receivable
    Accuracy 52,000 (52,000) (52,000)
    Classificatio 43,000 (43,000) (43,000)
    n
    TOTAL (44,000) (30,000) (249,000)

    B) Balance sheet and income statement materiality for the audit of


    Westmoreland financial statements is $75,000. What is your conclusion
    about the financial statements if the audit findings are not corrected by
    Westmoreland management before you issue the audit report?

    Unadjusted misstatement audit schedule is a record of all misstatements


    identified during the auditing session. We can conclude that, immaterial
    misstatement can also become a material misstatement to if there is too much
    immaterial and when they are combining together it become material misstatement
    to the company.

    You might also like