14 paragraphs found
… consists of two components, described as follows at the assertion level: Inherent risk means the susceptibility of an assertion about a class of transaction, account balance or … means the risk that a misstatement that could occur in an assertion about a class of transaction, account balance or …
… the financial report as a whole and potentially affect many assertions. …
… The risks of material misstatement at the assertion level consist of two components: inherent risk and …
… Inherent risk is higher for some assertions and related classes of transactions, account … may also influence the inherent risk related to a specific assertion. Such factors may include, for example, a lack of …
… two levels: The overall financial report level; and The assertion level for classes of transactions, account …
… to the assessed risks of material misstatement at the assertion level. For example, the greater the risks of …
… information that supports and corroborates management’s assertions, and any information that contradicts such assertions. In addition, in some cases, the absence of …
… risks of material misstatement at the financial report and assertion levels. …
… Risks of material misstatement at the assertion level are assessed in order to determine the …
… Act 2001 , a complete set of financial statements, and an assertion statement by those responsible for the financial …