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Hi Kim,
do you mind to explain further the differences between these 2 terms?
I thought these 2 terms are the same but seems like isn’t.
See page 60 of the notes – analytical procedures may be applied in 3 stages of the audit – the first (as a risk assessment procedure) and the last (as a review procedure) are a REQUIREMENT in any audit. Substantive analytical procedures are optional and will be performed only if they are effective in responding to an assessed risk of misstatement.
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