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We use assertions and investigations for both audit techniques. So, what is the real difference between these two techniques?
For instance, to do audit for purchases, what will be the tests of control and what will be the substantive testing?
Assertions are not audit techniques. Audit techniques are used to gain evidence about the assertions.
A ToC is where a control is tested (eg that the purchase order was authorised). A substantive procedure can be an analytical procedure (eg payables days) or a test of detail (eg tracing purchases from invoices to Cr Payables Dr Appropriate expense account).
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