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Hello, i would like to know whether writing assertions in the substantive procedures (eg verifies existence) is compulsory or not. In the technical article they have mentioned to to write the procedure, reason and the assertion, but in the marking schemes they havent included assertions in the procedures. So will marks be deducted if i dont write the assertions unless the question asks for assertions?
if you look at the examiner’s March 2017 report it clearly states that you should mention:
-> the area of the accounts impacted with an assertion (e.g. cut-off or valuation) OR
-> make reference to under/over/misstated account OR
-> make reference to the type of risk identified (e.g. inherent, control or detection risk)So depending on the scenario provided and the exact risk identified you would explain accordingly.
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