What is meant by Factual Projected and Judgemental Journals in CaseWare Working Papers
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
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.
The auditor's best estimate of misstatements in populations; usually
derived from sampling.
- Judgmental: Differences
arising from the judgments of management concerning accounting entries.
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
- 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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