[Answer] Substantive tests of transactions test for ___ or ____ in individual transactions.

Answer: analytical procedures
Substantive tests of transactions test for ___ or ____ in individual transactions.
Substantive test of transactions: evaluate the client’s recording of transactions by verifying the monetary amounts of transactions a process called substantive tests of transactions. For example the auditor might use computer software to compare the unit selling price on duplicate sales invoices with an electronic file of approved prices as a test of the accuracy objective for sales transactions.
Substantive procedures (or substantive tests) are those activities performed by the auditor to detect material misstatement or fraud at the assertion level. The different assertions of balances are: • existence • rights and obligations
Audit substantive test – Wikipedia
Audit substantive test – Wikipedia
Substance over form – Wikipedia
Audit substantive test – Wikipedia
Since “planning materiality” should affect the scope of both tests of controls and substantive tests such differences might be of importance. Two different auditors auditing even the same entity might generate differing scopes of audit procedures solely based on the “planning materiality” definition used.
ISA 500 Audit Evidence is one of the International Standards on Auditing.It serves to guide the auditor on obtaining audit evidence through the application of an appropriate mix of tests of control systems and substantive tests of transaction and balances.. It requests the auditor to obtain ‘sufficient’ and ‘appropriate’ audit evidence in order to draw reasonable conclusions on which to base …
Thu Nov 11 2004 13:30:00 GMT-0500 (Eastern Standard Time) · Ultra vires (Latin: “beyond the powers”) is a Latin phrase used in law to describe an act which requires legal authority but is done without it. Its opposite an act done under proper authority is intra vires (“within the powers”). …

Leave a Reply