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responding to risk assessment

Forums › ACCA Forums › ACCA AA Audit and Assurance Forums › responding to risk assessment

  • This topic has 4 replies, 4 voices, and was last updated 14 years ago by jackchitan.
Viewing 5 posts - 1 through 5 (of 5 total)
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  • April 25, 2011 at 5:17 pm #48221
    sambhu
    Member
    • Topics: 15
    • Replies: 2
    • ☆

    hello frind and admins
    can any one plz explain what is the difference between RISK ASSESSMENT AT FINANCIAL STATEMENT LEVEL and ASSERTION LEVEL
    waiting foe your reply

    April 25, 2011 at 7:55 pm #81188
    antonio blaze
    Member
    • Topics: 5
    • Replies: 19
    • ☆

    I thought assertions were contained in the financial statements?? *scratching my head*
    Tutor,please explain!

    April 25, 2011 at 8:54 pm #81189
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    To quote ISA 315:

    The objective of the auditor is to identify and assess the risks of material
    misstatement, whether due to fraud or error, at the financial statement and
    assertion levels, through understanding the entity and its environment,
    including the entity’s internal control, thereby providing a basis for designing
    and implementing responses to the assessed risks of material misstatement.

    The main point is to avoid material misstatements at the FS level – basically that means that the FS are ‘wrong’. However, to help identify potential misstatements it is important to go to each individual figure in the FS and think about the risk of error in any of the assertions each makes.

    April 26, 2011 at 11:11 am #81190
    sambhu
    Member
    • Topics: 15
    • Replies: 2
    • ☆

    thank you sir for your quick response

    April 26, 2011 at 11:51 am #81191
    jackchitan
    Member
    • Topics: 4
    • Replies: 27
    • ☆

    the below answer my might also help from the Tutor in understanding the assertions see below

    gromit7p said 3 weeks, 1 day ago:

    Think of assertion level as ensuring each of the individual figures on the financial statements are ok. FS level is ensuring the FS as a whole are true and fair.

    There is lots of material on this site covering what the assertions are. See https://opentuition.com/acca/f8/f8-financial-statement-assertions-and-audit-evidence/

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