1- Once the audit report is released, should there be any material misstatements

Question

1- Once the audit report is released, should there be any material misstatements?

2- Would you say that any of these related parties are material: i) a party defined in the applicable financial reporting framework, or (ii)a person who has control or significance influence over the reporting entity, or (iii) an entity over which reporting entity has control or significance influence, or (iv) another entity that is under common control with the reporting entity through common controlling ownership,common key management?

6-1

Explanation / Answer

Once the audit report is released, should there be any material misstatements Once audit report is released. There sould not be any material misstatement. A) A party defined in the applicable financial reporting framework- Not a meterial Misstatement. B) A person who has control or significance influence over the reporting entity-Material Misstatement C) An entity over which reporting entity has control or significance influence-Material Misstatement D) Another entity that is under common control with the reporting entity through common controlling ownership,common key management?-Material Misstatement

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