Medium Large Transport
Flight Crew Multiengine; Flight Crew Air Transport Pilot (ATP); Flight Crew Instrument
Situational Awareness; Confusion
Deviation - Altitude Undershoot; Deviation / Discrepancy - Procedural Published Material / Policy; Deviation / Discrepancy - Procedural Clearance
Air Traffic Control Issued Advisory / Alert; Flight Crew Became Reoriented; Flight Crew Executed Go Around / Missed Approach; Flight Crew Returned To Clearance
Human Factors
Leveling at 2;700 MSL cleared for ILS Runway 27 CID. ATC issued a low altitude alert and while our altimeter indicated that we were 300' above the cleared altitude; we executed an immediate go around and commenced a climb to the ATC issued altitude of 3;000 MSL. Upon level off; we realized that the altimeters had been incorrectly set during the descent check. We obtained the correct local altimeter setting from ATC and returned to the desired aircraft state. We returned for another ILS to Runway 27 at CID and landed uneventfully. The probable cause was that the altimeter was set incorrectly do to confusion with an ATC received altimeter setting and failure to verify the correct setting. During the pre-descent ATIS check both crew members wrote the correct altimeter setting. During the descent we set the altimeter according to an ATC issued altimeter setting which we both believe we heard correctly.
[Report narrative contained no additional information.]
Medium Large transport flight crew reported receiving a low altitude alert from ATC on the approach to CID. They discovered they had the wrong altimeter setting entered.