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Tests of control or substantive testing ?

Forums › ACCA Forums › ACCA AA Audit and Assurance Forums › Tests of control or substantive testing ?

  • This topic has 3 replies, 4 voices, and was last updated 10 years ago by Binh.
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  • March 3, 2015 at 10:24 pm #231171
    Ali
    Member
    • Topics: 7
    • Replies: 10
    • ☆

    Is cutoff of sales and purchases an internal control(tests of control)or is it an assertion to be verified by substantive procedures?

    March 4, 2015 at 6:06 am #231184
    ang
    Member
    • Topics: 1
    • Replies: 1
    • ☆

    i think its a assertion..

    April 23, 2015 at 4:53 pm #242344
    nikki
    Member
    • Topics: 18
    • Replies: 72
    • ☆☆

    Yep it’s an assertion. .. it’s examined under sub procedures test of details of classes of transactions

    May 6, 2015 at 5:57 am #244286
    Binh
    Member
    • Topics: 41
    • Replies: 78
    • ☆☆

    Hm, IMO I think cut-off test relates more to substantive test since it tests the possibility of under/overstatement. However, as I remember, a test on a transaction sometimes called “dual-purposes” test. It means that when you test the correctness in the way a transaction was done, you may detect misstatement but also this misstatement is an indicator that control, if existed, was not so effective. Therefore, if you know that there are indeed control activities implemented to ensure the cut-off of transaction but during the cut-off test you find a misstatement then the result also suggests a failure in these control activities.

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