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substantive procedure and test of control

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › substantive procedure and test of control

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by Ken Garrett.
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  • May 25, 2017 at 12:19 am #387950
    chhaya907
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    I need to understand how auditors perform test of control and substantive procedures of bank and cash balances??

    May 25, 2017 at 12:38 pm #388008
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    Tests of control depend kn the control system available. Somif a,control,is a monthly bank reconciliation, the festmi to ensure those are done. If the control is that all paymemts >1000 need to signatures, test some large payments to ensure they have been properly authorised.

    Substantive procedures are relatively easy with cash (see chapter 21 of the notes).

    In addition the auditor might choose to verify payments and receipts by tracing them back to source documentation (such as a supplier invoice) and from source documentation through to cash account entries.

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