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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) .
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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