if assertion are true financial data are also true, risk is identified at assertion level….
Sir it means that suppose valuation (i.e. assertion) of closing stock is true then amount of stock valued at year end (i.e. Financial data) is also true.
and if any risk is to exists, then it will exists at valuation level (i.e. assertion level)
Am I correct in understanding of these statements you have used in video?
Alternate example if we say that this CA is Dynamic & Appropriate for job
implied assertions are
he is knowledgeable
he understands field and work profile and he can perform his activities
he is sincere & responsible in working
good at communication
so now if assertions are proper then definitely he dynamic and appropriate for job