ISAs - Glossary of Terms

Misstatement

A difference between the reported amount, classification, presentation, or disclosure of a financial staten1ent item and the amount, classification, presentation, or disclosure that is required for the item to be in accordance with the applicable financial reporting framework.  Misstatements can arise from error or fraud.

Where the auditor expresses an opinion on whether the financial statements are presented fairly, in all material respects, or give a true and fair view, misstatements also