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Significant Findings or Issues

[sig-NIF-i-kant FYND-ingz or ISH-yooz]

What is the definition of Significant Findings or Issues?
In auditing, significant findings or issues refer to substantive matters that are crucial to the procedures performed, evidence obtained, or conclusions reached during an audit. These include significant matters, results of auditing procedures that necessitate substantial modification of planned auditing procedures, audit adjustments, disagreements among engagement team members, difficulties in applying auditing procedures, significant changes in the assessed level of audit risk, and matters that could result in a modification of the auditors' report.
Using Significant Findings or Issues in an Example

During the audit of a large corporation, the auditors discovered discrepancies in the financial reporting related to revenue recognition. This significant finding led to a series of audit adjustments and ultimately, a modification in the auditors' report to highlight this issue.

Using Significant Findings or Issues in a sentence

The audit team discussed the significant findings regarding inventory discrepancies, which could potentially affect the final audit report.

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