What items could increase the risk of material misstatement?
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter7: Planning The Audit: Identifying, Assessing, And Responding To The Risk Of Material Misstatement
Section: Chapter Questions
Problem 1RQSC
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Question
What items could increase the risk of material misstatement?
Expert Solution
Step 1 Auditing
Risk of material misstatement (ROMM) is a risk that the financial statements when audited will contain misstatements which individually or when aggregated become materially significant which could change the audit opinion
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