Early adoption is permitted.
It also clarifies management's responsibility for the disposition of financial statement misstatements brought to its attention. That item indicates that management is responsible for adjusting the financial statements to correct material misstatements and for affirming to the auditor in the representation letter that the effects of any uncorrected misstatements aggregated by the auditor during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. That item is management's acknowledgement that it believes that the effects of any uncorrected financial statement misstatements aggregated by the auditor during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. It also would require that a summary of the uncorrected misstatements be included in or attached to the letter.