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ISSAI Executive Summaries

Executive Summary:

ISSAI 1450 – Evaluation of Misstatements Identified during the Audit


This Practice Note provides supplementary guidance on ISA 450 - Evaluation of Misstatements Identified during the Audit

ISSAI Category:

Level 4: General Auditing Guidelines - General Auditing Guidelines on Financial Audit

Target Group:

Public sector external auditors


ISA 450 deals with the auditor's responsibility to evaluate the effect of identified misstatements on the audit and of uncorrected misstatements on the financial statements

Scope - Content:

The Practice Note provides additional guidance for public sector auditors related to

  • Accumulation of identified misstatements
  • Consideration of identified misstatements as the audit progresses
  • Communication and correction of misstatements
  • Evaluating the effect of uncorrected misstatements
  • Documentation
Author - Committee:

INTOSAI Professional Standards Committee – Financial Audit Subcommittee


Approved at XIXth Congress of INTOSAI, Mexico 2007


Related Documents - Executive Summaries:
Related Documents - ISSAI Full Versions:
Related Documents - Others:

ISA 320 – Materiality in Planning and Performing an Audit

ISA 450 is applicable to auditors of public sector entities in their role as auditors of financial statements.

ISA 450 should be applied together with ISA 700 (Forming an Opinion and Reporting on Financial Statements) dealing with the auditor’s responsibility in forming an opinion on the financial statements to conclude, whether reasonable assurance has been obtained about whether the financial statements as a whole are free from material misstatements.

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