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Types of audit tests
Auditors need to obtain sufficient and appropriate audit evidence to support assetions at financial statement level, substantive procedures can be used to obtain audit evidence.
Substantive procedures are tests to detect material misstatement on financial statements, these would be carried out to obtain evidence needed, please see in the table below:
|
Audit assertion |
Type of assertion | Typical audit tests |
| Completeness | Classes of transactions Account balances Presentation and disclosure |
（1）Review of post year-end items （2）Cut-off testing （3）Analytical review （4）Confirmations （5）Reconciliations to control accounts |
| Rights and obligations | Account balances Presentation and disclosure |
（1）Reviewing invoices for proof that item belongs to the company （2）Confirmations with third parties |
| Valuation and allocation | Account balances Presentation and disclosure |
（1）Matching amounts to invoices （2）Recalculation （3）Confirming accounting policy is consistent and reasonable （4）Review of post year-end payments and invoices （5）Expert valuation |
| Existence | Account balances |
（1）Physical verification （2）Third party confirmation （3）Cut-off testing |
| Occurrence | Classes of transactions Presentation and disclosure |
（1）Inspection of supporting documentation （2）Confirmation from directors that transactions relate to business （3）Inspection of items purchased |
| Accuracy | Classes of transactions Presentation and disclosure |
（1）Recalculation of correct amounts （2）Third party confirmation （3）Analytical review |
| Classification and understandability | Classes of transactions Presentation and disclosure |
（1）Confirmation compliance with law and accounting standards （2）Reviewing notes for understandability |
| Cut-off | Classes of transactions | （1）Cut-off testing （2）Analytical review |
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