Substantive audit tests for the acquisition and expenditure process are
A)analytical procedures
B)observation of the application of the control
C)inquiry
D)confirmation of control effectiveness
E)recalculation of the assessed risk
F)both A and C
G)both B and D

Question

Quizplus · Accepted Answer

Substantive audit tests for the acquisition and expenditure process include analytical procedures and inquiry. These tests are designed to detect material misstatements in the financial statements, rather than to test the effectiveness of controls.

Substantive Audit Tests for the Acquisition and Expenditure Process Are