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"As per SA 315, the auditor shall identify and assess the risks of material misstatement due to fraud at the financial statement level and at the assertion level for classes of transactions account balances and disclosures" Sir, by assertion level I understood that it means what management is asserting through the Financial Statement items like P/L items (Classes of Tractions), and BS items (account balances). But what does the above quote mean to say by "Financial Statement Level"?
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Thread Starter
Kumarjit DeyAs per the book, the auditor sets performance materiality at FS Level and Assertion level. Whats the basic difference?
At a financial statement as a whole and at each assertion level.
CA Suraj Lakhotia Admin
Account balances are presented in the financial statements. For e.g. Debtors are stated as Rs. 1,00,000. Management is asserting through FS that debtors exist, entity has rights etc.
As per the book, the auditor sets performance materiality at FS Level and Assertion level. Whats the basic difference?
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