✅ CA FINAL AUDIT SEPT'22 MTP QUIZZES :

20. Based on the above outcome of the direct expense testing the audit team decided to project the total
misstatement on the entire balance considered for testing. As per the calculation performed, the
projected misstatement was 1,68,889/-. Kindly analyse and guide the audit team with respect to the
results obtained from the substantive testing by selecting the appropriate option from below:

(a) The projected misstatement calculated is appropriate. Moreover, Based on the performance
materiality and projected misstatement the auditor should modify his opinion.

(b) When a class of transactions or account balance has been divided into strata, then the
misstatement is required to be projected for each stratum separately. Hence, the audit team’s
approach is incorrect with respect to the calculation of projected misstatement. The Audit team
should recalculate the projected misstatement and then they should consider its impact on overall
audit opinion based on the materiality.

(c) The audit team should have considered the exception of 8,000/- twice while calculating the
projected misstatement, as the error is regarding wrong classification and the same will affect two
class of transactions or balances. Hence audit team should consider revising the projected
misstatement and then they should consider its impact on overall audit opinion based on the
materiality.

(d) Audit team has appropriately calculated the projected misstatement. However, before modifying
the audit opinion the audit team should obtain written representation with respect to the
completeness and accuracy of the direct expense balance which could serve as a sufficient and
appropriate.

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