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If the auditor confirms accounts receivable as of October 31 and discovers an error in the receivables balance, how should that misstatement be handled, given that the opinion is on the balance sheet as of December 31, not October 31?

As a practical matter, the auditor should evaluate the results of interim testing to assess the possibility of misstatement at the balance sheet date. This evaluation is influenced by:

 The potential implications of the nature and cause of the misstatements detected at the interim date

 The possible relationship to other phases of the audit; for example, do the misstatements detected indicate a need to reconsider the assessment of control risk?

 Corrections that the entity subsequently records

 The results of auditing procedures that cover the remaining period

This assessment may cause the auditor to reperform principal substantive tests at year-end or to otherwise expand the scope of substantive tests at year-end. (AU-C 330.A64)

NOTE: Even if the misstatement detected at an interim date is corrected prior to year-end, there may be implications for evaluation of misstatements at year-end. Unless the auditor has applied procedures sufficient to provide reasonable assurance that similar misstatements have not occurred, the auditor may need to project a misstatement from interim to year-end.