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Assertion level

Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › Assertion level

  • This topic has 9 replies, 8 voices, and was last updated 10 years ago by Susheeth.
Viewing 10 posts - 1 through 10 (of 10 total)
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  • March 11, 2013 at 6:14 pm #119652
    guju
    Member
    • Topics: 9
    • Replies: 12
    • ☆

    Can you please explain what does it mean by the follwing sentence :

    Auditor should asses the risk of material misstatement at the assertion level. What does it mean by ” assertion level ” ?

    Explanation in simple english and with a example will be highly appreciated because english is not my first language and I find it hard to understand difficult words.

    Thank you

    March 11, 2013 at 7:24 pm #119659
    danielglover
    Member
    • Topics: 13
    • Replies: 100
    • ☆☆

    An “assertion” is a statement given as absolute fact.

    So the “assertion level” is the level at which statements are presented as completely true.

    E.G

    Management tells the auditor the financial statements show a true valuation of inventory – management are formally “asserting” this statement as being correct, so we call this at the “assertion level”.

    Just because management give a statement at the assertion level, doesn’t mean it is actually true – but I didn’t need to tell you that!

    (Look up the definition of assertion.)

    March 13, 2013 at 11:22 pm #119783
    guju
    Member
    • Topics: 9
    • Replies: 12
    • ☆

    Thank you 🙂 I saw the meaning of word assertion but still I was not able to understand. You made it easy for me to understand by giving an example 🙂

    March 14, 2013 at 1:34 am #119786
    zubair1310
    Member
    • Topics: 0
    • Replies: 1
    • ☆

    Assertion is the representation made by management about FS. for example management say
    ” all transaction that should have been recorded haven been recorded”
    this is an assertion for FS as a whole .

    ASSertion levels are three
    1.About classes of transaction
    2.about account balances
    3.about presentations&disclosure.

    An e-book for p7 is available at https://adf.ly/KkQbQ helpful in quick revision.

    April 7, 2013 at 8:02 pm #121853
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 1
    • ☆

    Thank you zubair1310, the link you shared is very good for a quick revision!

    April 25, 2013 at 7:56 pm #123491
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 5
    • ☆

    In addition, in F8 we did assertions such as COMPLETE, EXISTENCE and others. The auditor do these assertions during the audit and this period is called assertion level. I STAND CORRECTED.

    April 25, 2013 at 8:32 pm #123493
    alkemist
    Participant
    • Topics: 3
    • Replies: 493
    • ☆☆☆

    The auditor actually does not “do these assertions”. These are the assertions management makes. The auditor in planning the audit will assess the risk inherent in the assertions management makes, by assessing what could go wrong with the control.

    April 26, 2013 at 4:38 pm #123619
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 5
    • ☆

    Thanks for the correction alkemist.

    November 7, 2013 at 3:42 pm #144846
    sadafabdul
    Member
    • Topics: 1
    • Replies: 9
    • ☆

    I didnt find any e book at dis link

    March 14, 2015 at 8:31 am #232335
    Susheeth
    Member
    • Topics: 0
    • Replies: 1
    • ☆

    So what is the difference between assertion level and management representation? If both are given by the management to advocate the financial statements then what is the difference?

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