Forums
Misstatement in previous year financials
Auditing
What the current auditor should do if he/she finds a misstatement in closing balance of previous year financials? What will be the impact in current year financials?
Answers (6)
Sudha Reddy
As per SA 510 If the auditor concludes that the financial statements contain a material misstatement in the opening balances , that is pervasive to the users he/she can express a qualified opinion or an adverse opinion.
Ma'am, Whether it can be rectified in current year financials by passing necessary journal entry?
Courses
Course Guides
Offerings
CIN: U74999TG2017PTC116012 | GSTIN: 36AAECI4332C1Z0 | PAN: AAECI4332C