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MATERIAL MISSTATEMENT AT ASSERTION LEVEL AND IN FINANCIAL STATEMENT

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › MATERIAL MISSTATEMENT AT ASSERTION LEVEL AND IN FINANCIAL STATEMENT

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  • August 20, 2017 at 9:17 am #402596
    Ayoola
    Participant
    • Topics: 2
    • Replies: 4
    • ☆

    Hello sir,

    Please I need more explanation on the difference where audit risk can be found; Assertion level and in the financial statement.

    Does it mean when there is material misstatement at the assertion level it get to the financial statement?

    August 20, 2017 at 4:19 pm #402659
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10544
    • ☆☆☆☆☆

    Everything could be fine at the assertion level but as a whole the FS could be misleading. For example, going concern doubts are unlikely to affect assertions but the missing note about GC diubts would cause the FS to contain a material misstatement.

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