Assertion — All the information given in financial statements by management is assertion. Information which is directly / explicitly given they are called explicit assertions. Information which is implied / understood regarding financial items are called implicit assertions. To reduce variations and confusions SAs have defined assertions for Assets & Liabilities / Incomes & Expenses / Notes to accounts.
Now these implied assertions or just say assertions are important features of financial data. if assertions are true then financial data is true.
we wont come to know risks just by looking at FST. We have to collect lot of information and understand entity and its environment and then determine risk. it involves understanding economy, industry , management etc through inquiry, analytical procedures , inspection etc
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In auditing the auditor checks the specific assertions of the items appearing in the financial statements and opines about the overall assertions they signify. Explain specific assertions and overall assertions in this context.