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Hello tutor
Please help me with this ” exception reporting ” and when an auditor does this thing?
is it part of substantive testing or general audit procedure ?Exception reporting is reporting items which are noteworthy. For example:
Inventory that hasn’t moved for a long time
Very old receivables
Very high overtime for an employeeAuditors are particularly interested in these items because they might have been caused by fraud or error. The items would be looked at carefully and this would be part of substantive testing.
I don’t know what you mean by ‘general audit procedure’. Tests of control?
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