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Saliq Ansari (CA_Final Student)     02 April 2016

Audit query

What does the word "Assertion" and "Assertion Level" means, I am facing difficulty in understanding these word and these are frequently been used in SA's.

 2 Replies

Ajit Hegde

Ajit Hegde (CA - Final)     02 April 2016

In simple words ascertions means statements made by the management in relation to account balance, class of transaction and disclosure of items in the financial statements. Various ascertion levels are existence, ownership, rights over assets or liabilities, valuation, disclosure, valid booking of entries etc
1 Like
Amarnadh Kandula

Amarnadh Kandula (Student)     18 April 2016

Assertions means Details given by management personnal for audit for all the details...and i agree with Ajith Hedge

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