06, if any suspected material misrepresentation [such as in the SOX section 404(a) report] is identified and not corrected after discussing it informally with management and, if necessary, proposing that management consult with "some other party whose advice might be useful to the client," the auditor should "communicate the material misstatement of fact
to the client and the audit committee, in writing, and consider consulting his legal counsel as to further appropriate action in the circumstances" (emphasis added).
Rosenfeld's review contains at least one misstatement of fact
8, Other Information in Documents Containing Audited Financial Statements, cautions the auditor to discuss the information with the client if he or she becomes aware that such information conflicts with his or her knowledge of such matters, or if a material misstatement of fact
exists, the auditor should consider notifying the client in writing of his or her views concerning the information and consulting legal counsel.
Don't apologize for a lack of discussion on a tangential point, a logistical snafu, or a misstatement of fact
In another odd twist, broker Reagan incorrectly claimed from time to time during his negotiations that he represented the Forest Service, according to that agency's official chronology of events--an obvious conflict of interest, let alone a misstatement of fact
It would require auditors to evaluate, after performing certain required procedures, whether this other information contains a material inconsistency, a material misstatement of fact
, or both.
There must be some room for misstatement of fact
as well as misjudgement," it further said.
If the auditor discovers a material misstatement of fact
, he should ask management to revise its report.
We all have to step up to the plate and correct these misstatement of facts
every chance we get," Sanetti said.
Any attempt to give it a sectarian colour would be a misstatement of facts