Your company has determined that they have made an error in the financial statements. What questions would you ask to determine the key search terms for your research?

Before we determine the key search terms for the research process, we must first determine what type of error is affecting the financial statements, and the severity of the error. The following are a list of qualitative factors provided by the SEC in SAB 99 that may be helpful when assessing the materiality of a financial statement error:

Did the misstatement occur from an exact measurement or did it arise from an estimate?

Does the misstatement mask a change in earnings or other trends?

Does the misstatement hide a failure to meet analysts expectations for the business?

Does the misstatement change a loss into...