SA 240

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

All doubts must be cleared. Mr. Sanjay and Mr Ajay has clarified in simplest way. Regards