4.2 - Risks at the Financial Statement Level and at the Assertion Level Flashcards
1
Q
What does ISA (UK) 315 distinguish between?
A
Risks at the financial statement level and at the assertion level
2
Q
Risks at the financial statement level are…
A
Pervasive in their effect and thus require an overall response
3
Q
How should risks at the assertion level be assessed?
A
In terms of inherent and control risks
