What is meant by Factual Projected and Judgemental Journals in CaseWare Working Papers

What is meant by Factual Projected and Judgemental Journals in CaseWare Working Papers

The Adjusting Journal Entries page has been updated to adhere to the Clarified International Standards on Auditing by adding Factual, Projected and Judgemental misstatement types to Normal Adjusting and Unrecorded Entries 

Misstatement
This option is only available when the adjusting entry type is set to Normal, Reclassifying, Eliminating, Tax, or Other Basis. Select the Misstatement type from the drop-down.
  • Factual: Misstatements where there is no doubt and where supporting documentation is available.
  • Projected: The auditor's best estimate of misstatements in populations; usually derived from sampling.
  • Judgmental: Differences arising from the judgments of management concerning accounting entries.
Unrecorded Type of Journals
  • Unrecorded proposed entries can represent as factual, projected or judgmental misstatements.
  • Unrecorded - factual: will not be recorded because of materiality or proposed entries that may be subsequently changed to a normal status.
  • Unrecorded - projected: are the auditor’s best estimate of misstatements in populations.
  • Unrecorded - judgmental: are differences arising from the judgement of management concerning accounting estimates, or the selection or application of accounting policies that the auditor considers inappropriate or unreasonable.


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