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Assertion level and performance materiality
Can anybdy simplify d meaning of "assertion level" and
"performance materiality" in CA Final audit context??
Replies (2)
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.
You will find both text and videos there. Please feel free to contact me if you have any questions via queries
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