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What is the difference between assertion level and financial statement level? Which comes first?Which is of more importance than the other?What does each focus on?
Oh dear 🙁
Are you going to make me look this up in an approved text? Could you not find out the answer to this one on your own?
Assertion is given by directors , in simplest words giving assertion is to say ” We think the amount and account balances in the financial statement are true” , Auditors are there to verify their assertion by means of collecting sufficient and appropriate evidence supporting the assertions.
Dont know what you do you mean by financial statement level? are you talking about risks?Thanks Muhammed – I was going down the same route.
Kings and Queens ….. !!!
:-))
There, is that better?
If I may add:
FS level is gathering evidence to support the figures in the financial statements as a whole considering materiality, IFRS presentation, true and fair etc. as these concepts apply to the overall FS.“Which comes first?Which is of more importance than the other?What does each focus on?”
I can’t see why you would get excited about these as I hardly see any relevance to a P7 requirement.
Concentrate on those things that will give you a pass.Hope this helps
How is it possible that anyone could not get excited about everything to do with advanced auditing?
can anyone please explain me about the risk at the FS level?? explain with a simple example
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