20)Which statement is False? The discovery of an intentional misstatement, even if immaterial,...
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Accounting
20)Which statement is False?
The discovery of an intentional misstatement, even if immaterial, could impact the auditors opinion on theeffectiveness of the clients internal control over financial reporting
The materiality of an identified misstatement is based on only the quantitative amount of the misstatement
Audit firms usually use a schedule to accumulate the known and projected misstatements and the carryover effects of prior-year uncorrected misstatements
At the end of an audit, adjustments for misstatements that are waived will remain uncorrected
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