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SUBSTANTIVE PROCEDURES

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › SUBSTANTIVE PROCEDURES

  • This topic has 1 reply, 2 voices, and was last updated 10 months ago by Kim Smith.
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  • Author
    Posts
  • August 8, 2021 at 2:40 pm #630794
    shaunak22
    • Topics: 195
    • Replies: 32
    • ☆☆☆

    In substantive procedures do we have to explain the objective of the procedures or just mention the procedures?

    E.g

    Obtain a photocopy of the completed inventory sheets
    OR
    Obtain photocopies of the inventory count sheets at the end of the
    inventory count, ready for checking against the final
    inventory listing at the final audit:

    DOUBT- From the above mentioned procedure how should i present my procedures

    August 8, 2021 at 3:07 pm #630797
    Kim Smith
    Keymaster
    • Topics: 87
    • Replies: 6089
    • ☆☆☆☆☆

    Please read an AA examiner’s report – any AA examiner’s report – these are written for YOUR benefit. For example, from the M/J21 report available here https://www.accaglobal.com/ie/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/examiners-reports1.html

    “When describing substantive procedures one of the key things to consider is the
    level of detail provided. Many candidates fail to score well in this type of requirement
    because their procedures are vague or too brief. Tests must be sufficiently detailed
    noting clearly which source document should be used. For example, in this session
    many candidates included, ‘agree to cash book and bank statements’ without
    specifying that this was being done to agree the net pay or statutory deductions. Also
    ‘recalculate gross to net pay for a sample of employees’ would only gain ½ mark as it
    needs to be agreed back to the underlying payroll records to ensure payroll is
    accurate.”

    You will find similar examples in any report.

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