Assertion level and performance materiality

assertion level refers to various assertions such as completeness, accuracy, rights/obligation, valuation, cut off, existence/occurrence, presentation/disclosure. The auditor shall verify each and every assertion at a class of transaction or account balance. For example, for raising an invoice, the auditor shall verify completeness of sale transaction by checking that complete details are entered in the sale invoice.

You can find the exact meaning of performance materiality here www.deepakbora.com IN SA 320 post.

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