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Assertion Level
Auditing
Ma'am What is assertion Level? In web the meaning it is saying is Fact, but in connection with Auditing, What is assertion level?
Answers (5)
Assertion level refers to the different categories of management's financial statement assertions that auditors need to consider when conducting an audit. These assertions include existence, completeness, rights and obligations, valuation and allocation, and presentation and disclosure. Auditors assess these assertions to ensure that the financial statements are free from material misstatement. I guess this helps
for understanding purpose, remember assertions as 'guarantee given by the management of the company to the shareholders.' mgmnt gives guarantee about 5 things {which is assertion} on Account balances [balance sheet] about 1. existence (guarantee that asset or liablity truly exists) 2. valuation (that it is valued correctly) and others 3,4,5 Auditor has to check these assertions that is whether that guarantee given by the management is true
Assertion is basically what the management is representing. Like valuation, ownership, measurement etc, one particular aspect. We check these assertions for Their correctness so We call it assertion level. And also; we then check over all financial statements level.
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