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Respective Audit Procedures performed at what level?

Risk Assessment Procedures (as per SA 315) are performed to identify and assess ROMM, whether due to fraud or error at, BOTH, FS and assertion level. Whereas, Substantive Procedures (ToD & Analytical Procedures) are performed to detect material misstatements ONLY at assertion level. Theoretically, is my understanding correct? Please correct me if I am wrong.


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

12-Nov-20 10:47

23

Answers (2)

Best Answer

Yes


Suraj Lakhotia

Suraj Lakhotia

Admin

12-Nov-20 12:13

Suraj Lakhotia Admin

Yes

Thank you.


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

12-Nov-20 14:50

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