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For this question, assume materiality is $50,000 and you found $20,000 worth of misstatements.
Are auditors supposed to report immaterial misstatements to the audit committee?
If no, then they are not likely to adjust the books to make corrections, over time such immaterial misstatements become material cumulatively.
If yes and management does not make the adjustments, are we supposed to make an unqualified report and include the immaterial misstatements in the report somewhere?
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