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Audit procedure questions

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Audit procedure questions

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by Ken Garrett.
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  • November 25, 2015 at 11:35 pm #285309
    Malik
    Member
    • Topics: 6
    • Replies: 1
    • ☆

    Hi,

    Can I know what is difference in requirement of these 2 questions?

    – Describe 4 audit procedures for inventory count
    – Describe 4 substantive procedures inventory count

    Does 1st question mean I can write mix of TOCs and Substantive test? or both question require substantive tests only?

    Thanks!!

    November 26, 2015 at 7:07 am #285349
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    The term ‘audit procedure’ refers to both ToC and substantive tests. When attending and observing an inventory count the tests would be a mix. For example:

    Inspect shelves to ensure they are uniquely numbered (ToC)

    Inspect the register of stock sheets issued and returned to ensure these are all accounted for (ToC)

    Perform test counts (Substantive)

    After the stocktake, reperform the additions on the evaluated stock sheets (Substantive)

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