Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › audit procedure
- This topic has 1 reply, 2 voices, and was last updated 13 years ago by
Ken Garrett.
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- November 14, 2010 at 2:59 pm #45960
1.Is audit procedure=tests of concrol +substantive test?
2.if there is a purchase of non current assets,when we do auit, i know we should consider the assertions about purchase, but i was wondering whether we need also consider the assertions about the non current assets? i.e is there any audit intersection between the purchase and non current assets?November 14, 2010 at 7:59 pm #70553Audit procedures are of two ‘families’: tests of control and substantive tests.
Really, the assertions fall into three categories. Those relating to:
Transactions end events
Year end balances
Presentation and disclosure.That tends to be a slightly false distinction because all items on the FS are presented and disclosed. Similarly, although the assertions relating to non-current assets (year end balances balances on the balance sheet) do not include the assertion of ‘occurrence’ you would do audit work on material acquisitions because these represent transactions and events.
HTH
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