How do I utilise the 4-200 Summary of Misstatements worksheet?
What is the 4-200 Summary of Misstatements worksheet?
The 4-200 worksheet sits in the Phace C - Reporting folder, and assists the auditor in complying with ASA 450. The objective of the worksheet is to evaluate the effect of identified misstatements on the audit and the effect of uncorrected misstatements, if any, on the financial report.
Whenever an uncorrected or corrected journal is processed in the Agile Audit engagement, this worksheet will provide a visual representation on the impact of the Actual and Proposed journals in the engagement.
Hover your mouse over the coloured bar to visualise more detail (e.g. to see the total corrected amount being corrected for Assets, we have hovered over the green bar under Assets. The amount corrected is -$1979 from the two Normal journals above.
For more clarity, you can switch components off utilise the switches below.
For example, to turn off All uncorrected journals, simply turn the to
. This will turn off all uncorrected journals leaving just the corrected journals for you to visualise specifically.
What is the Key Data table?
Below the Actual and Proposed Journal Entries we have the Key Data information.
This table collects information from different sources of your Agile Audit engagement:
The Trivial misstatements comes from 2-300 Materiality worksheet.
The Pre-tax and post-tax income/(loss) and Equity is calculated from your imported trial balance and how you’ve mapped your client’s data.
The Estimated Effective Tax Rate defaults to 30%. This is changeable and will determine calculations for the Summary of Misstatements in the Financial Statements table below.
Summary of Misstatements in the Financial Statements?
This table will provide you with Corrected and Uncorrected journal information for your current and prior year balances. Highlighted below you can see the Total corrected balances for each key area of the Financial Statements (e.g. we can see that a total of $-1979 as been corrected for assets. We can also see the Factual, Projected and Judgment break-downs.
In addition to this, the Income Tax from the Key Data table below is being calculated from the 30% and the Total uncorrected balance.
Summary of Omitted Disclosures
If there are any omitted disclosures that might influence your opinion or conclusions about the firm's financial position, or results of operations and cash flows, use this final table to document this disclosures. This table allows you to enter any additional omitted disclosures or other misstatements by filling out the input areas. You can press the New Line button to create more rows in this table.Related Articles
How to use the Agile Sampling worksheet?
How to use the Agile Sampling worksheet? Agile Audit Forms - Sampling Worksheet The Agile Audit Forms - Sampling Worksheet (AAF - SW) is designed to assist the auditor to generate sample sizes for substantive audit procedures. The model and its ...IRAM – Inherent Risk assessment worksheet.
The IRAM worksheet provides the functionality for auditors to analyze and document their understanding and considerations of inherent risk factors as part of the risk assessment process. This worksheet allows auditors to assess the overall inherent ...Dashboard - Sherlock AU Standard - Manager and Partner summary tab
Engagement filter Designed to assist you to filter down to the file of interest, the engagement filter extracts all the names of users that have signed off independence within an engagement file for the selected year end. Once you select the name of ...How to use the Reconciliation Summary area in Cloud Financials?
To help identify any discrepancies in your trial balance, a reconciliation summary area has been added to the Cloud Financials template. Note: The reconciliation summary area is turned off by default. To turn on and view the reconciliation summary ...Detecting misstatements in your file with CaseWare Cloud Analytics
Analytics offers several tests specifically designed to look for misstatements, errors, or possible fraud in your client file to help assess risk and ensure that reported information conforms with accounting standards. These tests produce reports, ...