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