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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 years ago by Ken Garrett.
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  • April 10, 2015 at 11:06 am #240748
    saulat
    Member
    • Topics: 6
    • Replies: 5
    • ☆

    if we are auditing for substantive procedures for debtors or creditors or cash or inventory held by 3rd party ( all balance sheets items right?) , the relating assertions are existence, rights n obligations, valuation, accuracy , completeness, presentation n disclosure, cut off , occurence ? Right ? My question is that if the examiner is silent relating assertions and asked for the substantive procedures relating cash , are we suppose to write substantive procedures under every assertion ? Like different procedure for presentation n disclisure , different procedure for completeness , different procedure for accuracy and different procedure for rights n obligations ? (If examiner is silent relating assertions) .

    April 10, 2015 at 4:34 pm #240776
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10599
    • ☆☆☆☆☆

    The examiner has said that whenever you describe a substantive audit procedure, you must always say what assertion the procedure will help to verify.

    Strictly, accuracy is not an assertion relating to account balances – though I have never understood why not and we are not supposed to criticise ISAs!

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