Audit People Come Here

[Standard Deviation]

What is meant by Assertion Level And Financial Statement Level ?
Please explain this
Read several sites on this but couldnt understand those

 

[tclanki]

 

[tclanki]

I hope you have a better understanding on ISA 315, 320 & 250 (Not sure). First try to identify the audit risk (misstatement) at the design phase. Financial statement level comes when some pervasive events risk financial statements for ex: Management usually override the internal controls (like taking cash without vouchers etc..) will lead to may assertions. There are assertions categories (3/4 not clearly remember) we used a term "ACCA COVER U" for classifying transactions

 

[Standard Deviation]

I hope you have a better understanding on ISA 315, 320 & 250 (Not sure). First try to identify the audit risk (misstatement) at the design phase. Financial statement level comes when some pervasive events risk financial statements for ex: Management usually override the internal controls (like taking cash without vouchers etc..) will lead to may assertions. There are assertions categories (3/4 not clearly remember) we used a term "ACCA COVER U" for classifying transactions

Not a better understanding But Somewhat Understanding

Can you give a exampe of assertion level and financial statement level

or explain in sinhala

 

[Standard Deviation]

Watched this but was unable to get the idea

 

[tclanki]

Not a better understanding But Somewhat Understanding

Can you give a exampe of assertion level and financial statement level

or explain in sinhala

Ill try.. I did Audit paper back in 2012 and didn't do any audit related work (I did taxation areas).. Ill try to find my old books & explain this further..

 

[Standard Deviation]

Ill try.. I did Audit paper back in 2012 and didn't do any audit related work (I did taxation areas).. Ill try to find my old books & explain this further..

Thank You very much