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Sitting F8 next week – could anyone explain the distinction between audit procedures at ‘FS level’…and at ‘Assertion level’……by my understanding we are performing substantive audit procedures to test the FS assertions (completeness, cut-off, etc, etc) ….what is an audit procedure at FS level if it is not testing the assertion…..
Assertion level: you are examining each material figure in the FS to test its assertions. However, there could still be problems at the FS level such as:
Incorrect disclosures
Wrong going-concern assumptions
Several small errors at the assertion level adding up to be material.Looked at as a whole, do the FS show a true and fair view?
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