Help – Substantive Procedures

@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 😀

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

Thank you

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

Thank you

@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)

why dont we juz post it here

@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.

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

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

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)