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?
Ask the Tutor ACCA AA
Audit Evidence
6y ago#1NO - 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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