Relevant Assertion vs. Management Assertions
So according to AU-C315.A112 – Risk of Material Misstatements at the relevant assertion level for classes of account balances, transactions and disclosures need to be considered to determine the nature, timing and extent of further audit procedures to obtain sufficient appropriate audit evidence. RMM also needs to be looked at the financial statement level (more macro and control/fraud oriented).
Do you just ‘forget' about the assertions at the relevant level after you've figured out the nature, timing, and extent of procedures if you obtain enough evidence? When do management assertions come into play as far as audit procedures?
The tests for the relevant assertions (R) are not the same as those tests for managements assertions (M).
For tests of assertions on Transactions, both R and M are the same.
For tests of assertions on Account Balances however, M has a ‘presentation and disclosure'.
For tests of assertions on Disclosures, R has ‘rights and obligation' and ‘valuation'.
Mnemonics aren't helpful for me. Am I missing anything w/r/t the content of the assertions?
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