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What is assertion level and also what is meant by the examiner if he asked the audit procedures and audit assertions. Are the assertions of financial statements and income statement different ??
Assertions are things like: existence, valuation, occurrence, accuracy, cut-off…
The initial list of assertions breaks down into those relating to balances, those relating to transactions and those relating to presentation and disclosure.
Assertion level means examine the assertions that each figure in the FS is making. Audit procedures are the ways in which assertions are tested. For example, the assertion of existence can be tested by inspection.; the assertion of valuation might be tested (at least in part) by reperforming depreciation calculations.
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