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assessment of the risks of material misstatement…

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › assessment of the risks of material misstatement…

  • This topic has 1 reply, 2 voices, and was last updated 13 years ago by Ken Garrett.
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  • April 24, 2012 at 3:46 am #52343
    snappy
    Member
    • Topics: 2
    • Replies: 1
    • ☆

    it’s said the assessing of the risks of material misstatement would be at 2 levels: the financial statement level and the assertion level. However, just no idea what’s the difference between these 2 levels…could anyone help to advice the difference?

    April 24, 2012 at 7:12 am #96754
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    Assertion level = each figure in the FS and what it says about existence, ownership, valuation etc. It is here that materiality levels (eg a % of revenue) can be set to guide the audit team.

    FS level is a bit harder. It is trying to look at the FS as a whole and judge if overall they materially misstate the position of the company. This is a matter for the partner’s opinion and judgement.

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