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Audit procedures Vs Substantive Procedure

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Audit procedures Vs Substantive Procedure

  • This topic has 1 reply, 2 voices, and was last updated 3 months ago by Kim Smith.
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  • May 8, 2022 at 11:35 am #655189
    Sourav9271
    • Topics: 158
    • Replies: 104
    • ☆☆☆

    Hello sir,
    Are Audit procedures same as substantive procedures
    Often referred by mnemonic AEIOU.
    Analytical procedures, Enquiring, inspection, Observations.RecalcUlation?

    May 8, 2022 at 5:50 pm #655206
    Kim Smith
    Keymaster
    • Topics: 91
    • Replies: 6207
    • ☆☆☆☆☆

    Short answer – no – substantive procedures are all examples of audit procedure – but there are many audit procedures that are not substantive procedures (e.g. risk assessment procedures and tests of controls).

    See here:https://opentuition.com/topic/audit-substantive-analytical-procedures

    “AEIOU” is a mnemonic I actually “invented” 35 years ago, to remember the “evidence gathering procedures” identified in ISA 500 Audit Evidence – it was a “cheat” at the time to use “U” for recalcUlation (but seems people remembered it!) It works pretty well for substantive procedures but for tests of controls it is reperformance (rather than recalculation), there is no “A” and “E” alone is never sufficient as a ToC (this is all covered in our notes – I do not have to hand to say on what page).

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