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Help – Substantive Procedures

Forums › ACCA Forums › ACCA AA Audit and Assurance Forums › Help – Substantive Procedures

  • This topic has 20 replies, 9 voices, and was last updated 13 years ago by polldoll.
Viewing 21 posts - 1 through 21 (of 21 total)
  • Author
    Posts
  • June 13, 2012 at 8:54 am #53415
    billiebob1
    Member
    • Topics: 2
    • Replies: 6
    • β˜†

    This is a silly question but now is the time i begin to freak out.

    When it asks to person substantive procedures should i be thinking about
    Occurrence
    Completeness
    Acuracy
    Cut-Off
    Disclosure
    Existence
    Etc….

    So how we would prove these things?!

    Thanks!
    x

    June 13, 2012 at 9:47 am #100768
    salman2222
    Member
    • Topics: 13
    • Replies: 12
    • β˜†

    @billiebob1 said:
    This is a silly question but now is the time i begin to freak out.

    When it asks to person substantive procedures should i be thinking about
    Occurrence
    Completeness
    Acuracy
    Cut-Off
    Disclosure
    Existence
    Etc….

    So how we would prove these things?!

    Thanks!
    x

    Give me your email add,I will send you relevant Notes Which will help you in solving the exam questions πŸ˜€

    June 13, 2012 at 10:44 am #100769
    billiebob1
    Member
    • Topics: 2
    • Replies: 6
    • β˜†

    billie_bob1@hotmail.com

    Thank You!!

    June 13, 2012 at 10:56 am #100770
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 3
    • β˜†

    hey salman,
    can you send me as as well
    whitefears@hotmail.com.

    Thank you

    June 13, 2012 at 10:57 am #100771
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 3
    • β˜†

    or @billiebob1 if you got it.

    Thank you

    June 13, 2012 at 11:00 am #100772
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 3
    • β˜†

    @blackfears said:
    or @billiebob1 if you got it.

    Thank you

    June 13, 2012 at 11:32 am #100773
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 3
    • β˜†

    hay salman please sent me the note

    odvhut@hotmail.com

    June 13, 2012 at 1:41 pm #100774
    billiebob1
    Member
    • Topics: 2
    • Replies: 6
    • β˜†

    He never sent it. x

    June 13, 2012 at 1:55 pm #100775
    Anonymous
    Inactive
    • Topics: 8
    • Replies: 199
    • β˜†β˜†β˜†

    hello maybe i can help you guys:)

    June 13, 2012 at 2:01 pm #100776
    Anonymous
    Inactive
    • Topics: 8
    • Replies: 199
    • β˜†β˜†β˜†

    @billiebob1 said:
    This is a silly question but now is the time i begin to freak out.

    When it asks to person substantive procedures should i be thinking about
    Occurrence
    Completeness
    Acuracy
    Cut-Off
    Disclosure
    Existence
    Etc….

    So how we would prove these things?!

    Thanks!
    x

    Hello! seems like you are looking for answers in Exam Kits.. well for F8 exam you need to know vital difference between Substantive Tests, Controls Tests and Assertions!

    The things you wrote above are assertions! they are NOT Substantive procedures.

    LEARN this Nomonic for Substantive Procedures its really easy.

    A = Analyticial Reivew (e.g Calculation of Ratio’s or looking for trend analysis)

    E = Enquiry (e.g Asking Mgmt, or directors questions about the propsed object in F.S)

    I = Inspection (E.g looking for documents of G.R.N or G.D.N or invoces)

    O = Observation (e.g watching each thing with your OWN eyes. also known as Monitoring)

    U = recalcUlation (e.g simple re calculate numbers)

    June 13, 2012 at 2:02 pm #100777
    Anonymous
    Inactive
    • Topics: 8
    • Replies: 199
    • β˜†β˜†β˜†

    this nominic can be applied anywhere in subtantive procedures.

    Make sure you WRITE GOOD SENTENCE. This nomonics is for mental strength. Make sure you DONT WRITE this in paper. but just Write something SIMILAR to this

    June 13, 2012 at 2:03 pm #100778
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 6
    • β˜†

    why dont we juz post it here

    June 13, 2012 at 2:03 pm #100779
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 6
    • β˜†

    why dont we juz post it here

    June 13, 2012 at 2:05 pm #100780
    Anonymous
    Inactive
    • Topics: 8
    • Replies: 199
    • β˜†β˜†β˜†

    @larrytan said:
    why dont we juz post it here

    well not everyone can be helpful, there is difference between good people and time wasters. I wrote the answer. And feel free to contact me anytime. I’m the moderator of June 2012 session for F8.

    June 13, 2012 at 3:56 pm #100781
    aw0298
    Member
    • Topics: 9
    • Replies: 24
    • β˜†

    Eloy- do you have a Nomonic for Audit risk? I always struggle when being ask what are the audit risk in the case studies

    June 13, 2012 at 4:05 pm #100782
    wiqi6789
    Member
    • Topics: 5
    • Replies: 13
    • β˜†

    hey can u give nomonic for assertions and control tests and u already told the substative procedures so can u tel me these threee when when we apply them ?
    and as aw0298 posted any nomonic for audit risk
    i think these all covers the imp topics

    June 13, 2012 at 4:26 pm #100783
    Anonymous
    Inactive
    • Topics: 8
    • Replies: 199
    • β˜†β˜†β˜†

    Well not everything has nomonic but yeah .. BPP states the nominic for Assertions

    its .. ACCA COVER.

    i dont know each and every but what i know is ..

    Assertions for Income statements items e.g sales, COS, Expenses

    OCCURANCE
    COMPLETENESS
    ACCURACY
    CUT-OFF
    CLASSIFICATION
    PRESENTATION AND DISCLOSURE

    And For .. BalanceSheet (S.F.P)

    EXISTANCE
    COMPLETENESS
    OWNERSHIP (RIGHTS AND OBLIGATION)
    VALUATION
    PRESENTATIONS AND DISCLOUSRE

    June 13, 2012 at 4:31 pm #100784
    Anonymous
    Inactive
    • Topics: 8
    • Replies: 199
    • β˜†β˜†β˜†

    Audit Risk : Well the examiner says that many people fail to pass this qustions because all they do is DEFINE .. Inherent Risk, control and detection.

    the examiner says .. when asked Audit risk .. = just explain what is it.. ” its is the risk of audtiors opinion going wrong due to the presence of Material Mistatements in F.S and Detection Risks during Audit.

    Furether more .. material misstatements have 2 more classficiation

    1) due to Inherent risk = because the client is lazy enough, is silly or not qualified to deal with basic risk. They are risks made by complexity of business

    and 2) due to control risk = because the controls in organisation cannot STOP
    material or risks entering the Business

    Dont always write audit risk equation .. always righ tthis equation when asked about ” COMPONENTS OF AUDIT RISK ” (iNHERENT RISK, CONTROL RISK AND DETECTION RISK) along with their definantions

    June 13, 2012 at 5:15 pm #100785
    billiebob1
    Member
    • Topics: 2
    • Replies: 6
    • β˜†

    Eloy, the AEIOU is how to use substantive procedures but you use them to try and test an assertion for example existence (eg, payable) this is correct ?! x

    June 13, 2012 at 5:54 pm #100786
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 6
    • β˜†

    to begin with… a substantive procedure shud have its objective… and the assertion is the objective. and to check it… we can use AEIOU
    INSPECT ______ for EXISTENCE(assets)

    June 13, 2012 at 10:53 pm #100787
    polldoll
    Member
    • Topics: 10
    • Replies: 52
    • β˜†β˜†

    and whatever you do, avoid using the word ‘check’ when describing them – the examiner has spoken LOL!

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