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When answering audit risk questions, what is the difference between audit procedures, auditors response, test of control and substantive testing?
Please look at any recent examiner’s report for the examiner’s explanation of what is called for when a question asks for the “auditor’s response”.
“Audit procedures” is a generic terms for the procedures by which audit evidence is gathered – see Chapter 10 of OpenTuition notes. Look at the overview of the audit process (Chapters 7 & 8) to see where tests of control and substantive procedures are used. See Chapter 12 section 6 for a summary of tests of controls. You will find lots of examples of substantive procedures in Chapters 17-22.
Read one (or more) recent examiner’s report for guidance on tests of control and substantive procedures.
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