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Substantive Tests of Transactions and Balances: Gay & Simnett, Auditing and Assurance Services in Australia, 6e
Substantive Tests of Transactions and Balances: Gay & Simnett, Auditing and Assurance Services in Australia, 6e
Substantive tests of
transactions and balances
Continued
Inventory Purchases/payments
• existence • occurrence
• valuation and allocation • accuracy
• cut-off
Key procedures:
•External confirmation
•Substantive analytical procedures
•Recalculation and vouching
•Read minutes of meetings, review debt agreements
and inspect share register or confirm with share
registry.