It is very common for auditors to perform substantive procedures on 100% of the transactions and general ledger balances for investment accounts and finance accounts.

Question

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Substantive procedures are typically performed on a sample basis, not on 100% of the transactions and balances. However, for investment accounts and finance accounts, it is common to perform substantive procedures on 100% of the transactions and balances because these accounts are typically material and have a high risk of misstatement.

It Is Very Common for Auditors to Perform Substantive Procedures