Forums › ACCA Forums › ACCA AA Audit and Assurance Forums › Help – Substantive Procedures
- This topic has 20 replies, 9 voices, and was last updated 12 years ago by polldoll.
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- June 13, 2012 at 8:54 am #53415
This is a silly question but now is the time i begin to freak out.
When it asks to person substantive procedures should i be thinking about
Occurrence
Completeness
Acuracy
Cut-Off
Disclosure
Existence
Etc….So how we would prove these things?!
Thanks!
xJune 13, 2012 at 9:47 am #100768@billiebob1 said:
This is a silly question but now is the time i begin to freak out.When it asks to person substantive procedures should i be thinking about
Occurrence
Completeness
Acuracy
Cut-Off
Disclosure
Existence
Etc….So how we would prove these things?!
Thanks!
xGive me your email add,I will send you relevant Notes Which will help you in solving the exam questions π
June 13, 2012 at 10:44 am #100769Thank You!!
June 13, 2012 at 10:56 am #100770AnonymousInactive- Topics: 0
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hey salman,
can you send me as as well
whitefears@hotmail.com.Thank you
June 13, 2012 at 10:57 am #100771AnonymousInactive- Topics: 0
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or @billiebob1 if you got it.
Thank you
June 13, 2012 at 11:00 am #100772AnonymousInactive- Topics: 0
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@blackfears said:
or @billiebob1 if you got it.Thank you
June 13, 2012 at 11:32 am #100773AnonymousInactive- Topics: 0
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hay salman please sent me the note
June 13, 2012 at 1:41 pm #100774He never sent it. x
June 13, 2012 at 1:55 pm #100775AnonymousInactive- Topics: 8
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hello maybe i can help you guys:)
June 13, 2012 at 2:01 pm #100776AnonymousInactive- Topics: 8
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@billiebob1 said:
This is a silly question but now is the time i begin to freak out.When it asks to person substantive procedures should i be thinking about
Occurrence
Completeness
Acuracy
Cut-Off
Disclosure
Existence
Etc….So how we would prove these things?!
Thanks!
xHello! seems like you are looking for answers in Exam Kits.. well for F8 exam you need to know vital difference between Substantive Tests, Controls Tests and Assertions!
The things you wrote above are assertions! they are NOT Substantive procedures.
LEARN this Nomonic for Substantive Procedures its really easy.
A = Analyticial Reivew (e.g Calculation of Ratio’s or looking for trend analysis)
E = Enquiry (e.g Asking Mgmt, or directors questions about the propsed object in F.S)
I = Inspection (E.g looking for documents of G.R.N or G.D.N or invoces)
O = Observation (e.g watching each thing with your OWN eyes. also known as Monitoring)
U = recalcUlation (e.g simple re calculate numbers)
June 13, 2012 at 2:02 pm #100777AnonymousInactive- Topics: 8
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this nominic can be applied anywhere in subtantive procedures.
Make sure you WRITE GOOD SENTENCE. This nomonics is for mental strength. Make sure you DONT WRITE this in paper. but just Write something SIMILAR to this
June 13, 2012 at 2:03 pm #100778AnonymousInactive- Topics: 0
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why dont we juz post it here
June 13, 2012 at 2:03 pm #100779AnonymousInactive- Topics: 0
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why dont we juz post it here
June 13, 2012 at 2:05 pm #100780AnonymousInactive- Topics: 8
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@larrytan said:
why dont we juz post it herewell not everyone can be helpful, there is difference between good people and time wasters. I wrote the answer. And feel free to contact me anytime. I’m the moderator of June 2012 session for F8.
June 13, 2012 at 3:56 pm #100781Eloy- do you have a Nomonic for Audit risk? I always struggle when being ask what are the audit risk in the case studies
June 13, 2012 at 4:05 pm #100782hey can u give nomonic for assertions and control tests and u already told the substative procedures so can u tel me these threee when when we apply them ?
and as aw0298 posted any nomonic for audit risk
i think these all covers the imp topicsJune 13, 2012 at 4:26 pm #100783AnonymousInactive- Topics: 8
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Well not everything has nomonic but yeah .. BPP states the nominic for Assertions
its .. ACCA COVER.
i dont know each and every but what i know is ..
Assertions for Income statements items e.g sales, COS, Expenses
OCCURANCE
COMPLETENESS
ACCURACY
CUT-OFF
CLASSIFICATION
PRESENTATION AND DISCLOSUREAnd For .. BalanceSheet (S.F.P)
EXISTANCE
COMPLETENESS
OWNERSHIP (RIGHTS AND OBLIGATION)
VALUATION
PRESENTATIONS AND DISCLOUSREJune 13, 2012 at 4:31 pm #100784AnonymousInactive- Topics: 8
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Audit Risk : Well the examiner says that many people fail to pass this qustions because all they do is DEFINE .. Inherent Risk, control and detection.
the examiner says .. when asked Audit risk .. = just explain what is it.. ” its is the risk of audtiors opinion going wrong due to the presence of Material Mistatements in F.S and Detection Risks during Audit.
Furether more .. material misstatements have 2 more classficiation
1) due to Inherent risk = because the client is lazy enough, is silly or not qualified to deal with basic risk. They are risks made by complexity of business
and 2) due to control risk = because the controls in organisation cannot STOP
material or risks entering the BusinessDont always write audit risk equation .. always righ tthis equation when asked about ” COMPONENTS OF AUDIT RISK ” (iNHERENT RISK, CONTROL RISK AND DETECTION RISK) along with their definantions
June 13, 2012 at 5:15 pm #100785Eloy, the AEIOU is how to use substantive procedures but you use them to try and test an assertion for example existence (eg, payable) this is correct ?! x
June 13, 2012 at 5:54 pm #100786AnonymousInactive- Topics: 0
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to begin with… a substantive procedure shud have its objective… and the assertion is the objective. and to check it… we can use AEIOU
INSPECT ______ for EXISTENCE(assets)June 13, 2012 at 10:53 pm #100787and whatever you do, avoid using the word ‘check’ when describing them – the examiner has spoken LOL!
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