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Audit Evidence

This topic has 1 reply, 2 voices, and was last updated 4 years ago by Kim Smith.

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September 16, 2020 at 9:47 am #585816
Emmanuel Mashaya
Participant
- Topics: 3
- Replies: 3
Clear me out here , is it safe to say AEIOU : Analytical Procedures, Enquiry and Confirmation ,Inspection ,Observation and Recalculation and re-performance relate to the Tests of Controls and that ACCACOVER : checking the Accuracy , Completeness , Cut-off , Allocation , Classification , Occurance , Valuation , Existence and Rights and Ownership of transactions relates to the Substantive Procedures?
September 16, 2020 at 7:28 pm #585864
Kim Smith
Keymaster
- Topics: 133
- Replies: 8299
NO – see the notes AEIOU summarises the nature of all possible procedures for obtaining audit evidence – reCALCULATION is substantive – rePERFORMANCE is a test of control.
ACCA COVER are financial statement assertions.
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