AAA 314 Candidates When considering the notion of procedures most questions will be built around audit procedures with respect to evidence gathering ie test of controls and substantive procedures. In an exam environment however just watch if the Institute ask for procedures in the context of conducting risk assessment of an entity whereby the procedures would have to be enquiry, analytical procedures, inspection or observation in accordance with ISA 315. If we return to test of controls and substantive procedures the Institute have been reasonably good at indicating the type of procedure that they want candidates to provide. For instance they will be specific to say three (3) tests of control. Just note in this instance that you should ensure that you only present three (3) responses as the tendency of the Institute is to only read the number asked for so committing additional time to writing more responses than requested is quite simply a waste of time.
Posted on: Thu, 23 Oct 2014 08:34:52 +0000
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