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Summary of Adjusted and Unadjusted Misstatements

Included in MyWorkpapers is a Summary of Adjusted Misstatements, as well as a Summary of Unadjusted Misstatements workpaper. This section will guide you on how to access and use these documents to allow you to complete the engagement efficiently and effectively.


Summary of Unadjusted Misstatements

The Summary of Unadjusted Misstatements is a record of all of the misstatements identified during the course of the engagement. These misstatements are collated and summarised on the Summary of Unadjusted Misstatements for review and conclusion on during the completion stages of the engagement.

To access the Summary of Unadjusted Misstatements, simply:

  1. In the Working Paper Index of the client, click on the Journal Entries drop down arrow and select Unadjusted Entries Summary from the functions toolbar;

  2. The Summary of Unadjusted Misstatements will display each of the unadjusted misstatements, including the type of misstatement (factual, judgement or projected), as well as the impact on the income statement and balance sheet;

  3. The auditor can then select whether each adjustment individually is considered material to the engagement;

  4. For consideration of the unadjusted differences in aggregate, there is a comments box at the bottom of the page.

 

Below is an illustration of the Summary of Unadjusted Misstatements and the salient features and functions of the workpaper.

 

 

In addition, the summary is able to be printed to your local printer or PDF and provided to client management for review and approval, ensuring you are able to easily and efficiently comply with International Auditing Standards.

We recommend that the document be printed, signed by client management where indicated and filed on the file.

Adjusted Differences Summary

Ensure you are in the Working Paper Index of a client:

  1. On the top navigation bar, click on the Journal Entries drop down arrow and select Adjusted Differences Summary

  2. The Adjusted Differences Summary will display each of the misstatements adjusted during the course of the engagement.

 

Below is an illustration of the Summary of Adjusted Misstatements and the salient features and functions of the workpaper.

 

Like the Summary of Unadjusted Misstatements, this document can be printed and provided to the client for review and signing and for adjustment in their records, ensuring you are able to easily and efficiently comply with International Auditing Standards.

 

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