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Assertion & Financial statement level

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Assertion & Financial statement level

  • This topic has 9 replies, 6 voices, and was last updated 9 years ago by MikeLittle.
Viewing 10 posts - 1 through 10 (of 10 total)
  • Author
    Posts
  • May 21, 2013 at 6:44 am #126408
    oscarfarai
    Member
    • Topics: 1
    • Replies: 2
    • ☆

    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?

    May 21, 2013 at 10:42 am #126447
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23315
    • ☆☆☆☆☆

    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?

    May 23, 2013 at 12:21 pm #126860
    kingsandqueens
    Member
    • Topics: 8
    • Replies: 41
    • ☆

    Mike looks jaded 😀

    May 23, 2013 at 2:08 pm #126869
    muhammadsaad
    Member
    • Topics: 4
    • Replies: 10
    • ☆

    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?

    May 23, 2013 at 4:14 pm #126904
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23315
    • ☆☆☆☆☆

    Thanks Muhammed – I was going down the same route.

    Kings and Queens ….. !!!

    :-))

    There, is that better?

    May 23, 2013 at 4:59 pm #126922
    Rajiv
    Participant
    • Topics: 1
    • Replies: 45
    • ☆

    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

    May 23, 2013 at 5:19 pm #126924
    oscarfarai
    Member
    • Topics: 1
    • Replies: 2
    • ☆

    Thank you that helped

    May 24, 2013 at 6:40 am #126983
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23315
    • ☆☆☆☆☆

    How is it possible that anyone could not get excited about everything to do with advanced auditing?

    June 14, 2015 at 6:20 am #256780
    ahmedzabith
    Participant
    • Topics: 0
    • Replies: 2
    • ☆

    can anyone please explain me about the risk at the FS level?? explain with a simple example

    June 14, 2015 at 4:09 pm #256827
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23315
    • ☆☆☆☆☆

    Are there any figures in the financial statements that could be materially misstated? surely, that’s risk at the financial statement level

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