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Substantive procedures

Sir, If the substantive procedures are performed after the assessment of risk, Then will that risk be considered, while designing and performing substantive procedures. The pictures I attached with this query seem contrary to me Kindly guide

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39014dd3-3038-4a7c-a4eb-848e13ef2c7a.jpg

14b34d3b-4253-44b8-b1b7-f65f7682b3dd.jpg


sindhu anandi

sindhu anandi

CA Inter

580

17-Mar-21 23:58

28

Answers (3)

Risk assessed will be considered to an extent while designing and performing substantive procedures. But if the audit evidence confirms the risk during test of control or otherwise, auditor will determine the subtantive tests according. And also substantive test for material transactions will have to be performed to avoid risk caused by inherent limitations of internal control and assessment of risk dependent on auditor's judgement.


sudha reddy

sudha reddy

Moderator

18-Mar-21 10:25

Please see the videos for detailed explanation


sudha reddy

sudha reddy

Moderator

18-Mar-21 10:26

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