What is meant by ’Factual’, ’Projected’ and ’Judgemental’ Journals in CaseWare Working Papers?

The Adjusting Journal Entries page has been updated to adhere to the Clarified International Standards on Auditing by adding Factual, Projected and Judgemental misstatement types to Normal Adjusting and Unrecorded Entries 


This option is only available when the adjusting entry type is set to Normal, Reclassifying, Eliminating, Tax, or Other Basis. Select the Misstatement type from the drop-down.

  • Factual: Misstatements where there is no doubt and where supporting documentation is available.
  • Projected: The auditor's best estimate of misstatements in populations; usually derived from sampling.
  • Judgmental: Differences arising from the judgements of management concerning accounting entries.

Unrecorded Type of Journals

Unrecorded proposed entries can represent as factual, projected or judgemental misstatements.

  • Unrecorded - factual: will not be recorded because of materiality or proposed entries that may be subsequently changed to a normal status.
  • Unrecorded - projected: are the auditor’s best estimate of misstatements in populations.

Unrecorded - judgemental: are differences arising from the judgements of management concerning accounting estimates, or the selection or application of accounting policies that the auditor considers inappropriate or unreasonable.


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