banner_ad

Risk

This query is : Resolved 
Profile Image

Profile Image

(Querist)
24 December 2013 what is an assertion level of risk in risk of material misstatment ??? kindly explain with examples
Profile Image

C.A. Mayur J. Raiyani

Profile Image

C.A. Mayur J. Raiyani (Expert)
24 December 2013 There are two level, financial level and assertion level to risk of material misstatement.Assertion level is supplement to preparation of F/s. Assertion level means a point of time where management representation (MR) is obtained. Example, you take MR relating to value of closing stock. Now on plain reading this MR founds to be wrong. Then at that time you are not supposed to rely on this MR excusing yourself that i have obtained MR. So while doing audit assertion level should also be verified.
Profile Image

C.A. Mayur J. Raiyani

Profile Image

C.A. Mayur J. Raiyani (Expert)
24 December 2013 There are two level, financial level and assertion level to risk of material misstatement.Assertion level is supplement to preparation of F/s. Assertion level means a point of time where management representation (MR) is obtained. Example, you take MR relating to value of closing stock. Now on plain reading this MR founds to be wrong. Then at that time you are not supposed to rely on this MR excusing yourself that i have obtained MR. So while doing audit assertion level should also be verified.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details