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Audit Evidence

This topic has 3 replies, 3 voices, and was last updated 6 years ago by alkemist.

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January 24, 2018 at 4:45 pm #432693
savbandhal
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What is the difference between A E I O U And ACCA COVER?
Why do we then get a question on substansive test for Receivables ETC?
Can someone please help me on this matter!
Thanks
January 25, 2018 at 2:32 am #432780
bellpeiwen
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AEIOU is audit procedure to obtaining audit evidence.
ACCA COVER are substantive procedure- financial statement assertions.
Essentially a financial statement assertion means whenever a figure appears in the financial
statements it is making certain claims, proclamations or assertions.
January 25, 2018 at 3:37 pm #432962
savbandhal
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Thank you for your answer. This has really made me confident around that certain area.
January 27, 2018 at 10:06 am #433384
alkemist
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Just be wary of the mnemonics used….read this article from ACCA back in 2009
https://www.accaglobal.com/content/dam/acca/global/PDF-students/2012s/sa_spt09_lw_09.pdf
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