Hello Mates
Kindly address my below mentioned query:
Wts d difference b/w risk of material misstatement at Financial Statement level & Assertion level (accounting transactions, account balances & disclosures) as far as SA 240, viz. 'Responsibilities of Auditor in material misstatements due to fraud' is concerned ?
Thanks in advance.
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SA 240
Replies (3)
im very simple words
romms at
a. assersation level means
romms at th tim of recording of transaction due to laking interal control
b. f/s level
means romms while finalinsing the accounts of entity due to malafied intetion of mgt........
sanjay acharya
Risk of material misstatement at financial statement level means some thing wrong happen at financial statement level i.e. balance sheet, profit & loss, cash flow statement
where as risk of material misstatement at assertion level means some thing wrong happens at transactional level i.e. existence, ownership, rights, valuation, disclosures, completeness of each & every individual transaction
where as risk of material misstatement at assertion level means some thing wrong happens at transactional level i.e. existence, ownership, rights, valuation, disclosures, completeness of each & every individual transaction
All doubts must be cleared. Mr. Sanjay and Mr Ajay has clarified in simplest way. Regards
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