Dealing with MISSTATEMENTS discovered during the audit - ASA/ISA 450 

thank you Amanda... you are my BAE( Best Auditor Ever)

Great little summary here Amanda!

Oh love the new titles and stuff!

You are God sent.

hello, thanks for the video. What if the misstatement is undetermined in amount but you know its material will that affect the opinion?

Thanks Amanda for these videos, they are incredibly helpful. A $50k understatement (previous year) and $80k overstatement in the current year, same account, materiality being $100k, do you consider $130k i.e. amount regardless of the sign or you consider a $30 overstatement, being the net of the 2 amounts?

Hello Amanda, I love these types of videos by you and find them quite informative. However, I can’t seem to be able to locate them in an orderly or systematic order. For example, chapter of 1-7 in order or in order of subject topics etc. I hope you can help. 🙏

Hi Miss. In para 6 (b). Is he talking about immaterial misstatements accumulated and considering when it approaches materiality?

Thanks Amanda... Question: Assume overall materiality for the financial statements as a whole is set as $ 100,000, performance materiality set as $ 50,000. If the auditor finds misstatement in fixed assets account of 55,000. Do we have to modify the audit opinion?

Love ❤️ from India

Hi. When answering a theory question how do I identify that an amount is qualitatively material? I tend to miss it.

Hi Amanda. I'm watching your channel from Canada and like your clear explanations. I'd like to ask you a question on likely misstatements (also referred to as "projected misstatements"). Example: Out of a population of $500,000, a sample of $75,000 has been selected. A total of $15,000 misstatements were found in the sample. In this case: Identified misstatements = $15,000 Projected misstatements = ($15,000 / $75,000) x $500,000 = $100,000 Question: Is the likely misstatement $100,000? Or is it $85,000 ($100,000 - $15,000)? My textbook mentions comparing materiality with the sum of identified misstatements and likely misstatements, which makes me confused. In the above example, I thought that $100,000 is the likely misstatement and that it already includes the $15,000 identified misstatements. However, if I follow the logic of the textbook wording, the sum of identified misstatements ($15,000) and likely misstatements ($100,000) would be $115,000. I am getting confused. Thank you!