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Revised all, still unsure on Audit Procedures

Forums › ACCA Forums › ACCA AA Audit and Assurance Forums › Revised all, still unsure on Audit Procedures

  • This topic has 4 replies, 2 voices, and was last updated 9 years ago by Ali.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • June 4, 2015 at 5:09 am #252879
    boringaccountant
    Member
    • Topics: 21
    • Replies: 109
    • ☆☆

    Hi all,

    So I have revised everything, all on OT, BPP Mocks, Past Exam papers, Specimen papers etc..

    And still I find issues in Audit procedures and Substantive procedures, have also read the ACCA technical articles and watched videos by ACCA, but still unsure at times of the exact verbs and definitions used to elaborate that ‘Substantive’ OR ‘Audit’ procedure

    Any 1 here with the same issues, how to be to the point, precise & accurate in this with the correct wordings like the examiner’s answers. ??

    June 4, 2015 at 3:11 pm #253057
    Ali
    Member
    • Topics: 12
    • Replies: 143
    • ☆☆

    You should bear in mind that the examiners answers were well planned and thought and were not drafted under exam conditions. As such these model answers are tutorial in nature

    so dont worry about being as good as those answers in an exam condition. Your points should be relevant enough to make sense to the marker and you will score

    As per ISA 500, substantive and audit procedures are audit tests designed to collect sufficient appropriate evidence relating to misstatements in the financial statements. Remember where the entity is having weak controls, there’s more susceptibility of misstatements and so more substantives are required

    It include activities like reviewing, inspecting, tracing, agreeing to corresponding documents. These are for documentary evidence

    May also include, analysing figures, enquiries with management, observing physical defect in assets, observing defects in physical procedure like inventory count, dispatching of orders in warehouse, analytical review

    There are no hard rules for verbs to use, its just common sense, you review documents not observe or enquire them

    June 4, 2015 at 3:28 pm #253078
    boringaccountant
    Member
    • Topics: 21
    • Replies: 109
    • ☆☆

    Thanks a lot !!! 😀

    June 4, 2015 at 3:29 pm #253079
    boringaccountant
    Member
    • Topics: 21
    • Replies: 109
    • ☆☆

    although reading this response after attempting the paper – ___ – 😛

    August 3, 2015 at 12:32 am #264818
    Ali
    Member
    • Topics: 12
    • Replies: 143
    • ☆☆

    Bill, what was the result, mate?

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