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The assertion level: The assertions (eg remmebered by ACCA COVER) make claims about each figure in the FS: valuation, existence, roghta and obligations. Each relevant assertion has to be tested by suitable audit work.
The FS level: Looks at the FS as a whole. Each individual figure could be OK in itself, but the FS could still not show a true and fair view.
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Is it simply the characheristics of balances,transactions and disclosures relates to financial reportings if put in simple words??? For me “assertion” is more technical term
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