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AEIOU mnemonic

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › AEIOU mnemonic

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • November 26, 2018 at 9:38 am #485996
    lavenite
    Member
    • Topics: 13
    • Replies: 5
    • ☆

    Sir,

    I have seen the mnemonic AEIOU representing Analytical procedures, Enquiry, Inspection, Observation and RecalcUlation.

    Do these procedures relate specifically to Tests of control or are they related to substantive procedures?

    Thank you!

    November 27, 2018 at 8:20 am #486095
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8284
    • ☆☆☆☆☆

    Analytical procedures as audit evidence are STRICTLY substantive
    Enquiry alone is never sufficient as a test of control. As a substantive procedure it is really “enquiry and confirmation” (e.g. an external confirmation/circularisation request)
    Inspection – of a document to determine whether it has been approved or not would be a ToC, but inspecting an asset to confirm its existence is substantive
    Observation – means “of a procedure” – i.e. ToC
    RecalcUlation – is substantive (as is anything which confirms a monetary amount). The ToC equivalent of this is “reperformance”.

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