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This was my 4th attemped on f8 and I failed miserably.. Can anyone help me to pass the exam.. I really get stuck on test of controls and substantive procedures.. Any help for these..
I think you confuse test of controls (TOC) with substantives. An easy way to distinguish is that a TOC is limited to testing and finding some result, usually its done on systems.
A substantive is classed into Analytical procedures, Enquiry, Inspection, Observation, and RecalcUlation (AEIOU) Its much more broader in sense.
Talk about a payroll system, you think its weak and hence you test the system. Would you enquire for testing? No
-You would select a sample of employees and enter into the system for finding out their existence.
-You would analyse a sample of wages to review any unusual fluctuations
-You enter commonly known pass codes to verify the security of the systemIf the test results are unusual, then you do the substantive procedure and enquire the activity, inspect the documents.
It was your 4th attempt so I gather that you have read the article, if not, its high time that you do.
I hope this answers the question, best of luck!
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