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Chapter 10 Substantive tests of transactions and balances 10-1 Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in.

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Presentation on theme: "Chapter 10 Substantive tests of transactions and balances 10-1 Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in."— Presentation transcript:

1 Chapter 10 Substantive tests of transactions and balances 10-1 Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

2 Learning objective 1: Relationship between evidence-gathering procedures Auditor has to obtain sufficient appropriate evidence to support the audit opinion (ASA 500/ISA 500). Tests of controls (Ch 9) and substantive tests of transactions and balances are the main evidence-gathering audit procedures. Auditor selects the most efficient and effective combination of audit procedures that allows them to achieve audit objective. Assertions are used to help them in assessing risks of material misstatement, and directing their audit procedures in responding to these risks Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

3 Relationship between tests of controls and substantive tests of transactions Most controls are built around transaction flows. Tests of controls: transactions selected to test whether related controls are working. Does not directly measure monetary error in accounting records. Substantive test of transactions: transactions selected to determine whether monetary errors have occurred. Dual-purpose tests are tests that address both control and substantive matters simultaneously Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

4 Relationship between substantive tests of transactions and balances Substantive tests of transactions focus on the individual transactions that make up the balance. Substantive tests of balances substantiate the ending balance of an account (which is comprised of multiple transactions) Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

5 Distinguishing between substantive tests of transactions and substantive tests of balances The $5000 balance for Able could be verified by confirming this balance with the customer (substantive test of balances) or verifying against supporting documentation the three transactions comprising this balance (substantive tests of transactions) Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

6 Learning objective 2: Financial report assertions and substantive audit procedures The auditor develops specific audit procedures to evaluate and address the risk of material misstatement for classes of transactions, account balances and disclosures. The risk associated with each assertion is assessed, and audit procedures related to specific assertions are undertaken which are aimed to reduce the risk of material misstatement for a specific assertion to an acceptable level Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

7 Reviewing assertions about transactions and events (Ch 5) Occurrence: whether transactions that generated financial report accounts actually occurred. Completeness: the auditor identifies evidence indicating items that should be included. Accuracy: relates to determining the appropriate recording of the dollar value and other information of transactions. Cut-off: involves checking that transactions are recorded in the correct period. Classification: the auditor considers the appropriate classification of the item in the financial report Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

8 Assertions about account balances Existence: the auditor selects from items contained in the accounting records and obtains evidence that supports them. Rights and obligations: the auditor must ascertain that the assets and liabilities are owned/controlled by the client. Completeness: the auditor identifies evidence indicating items that should be included in the account. Valuation and allocation: the auditor considers the appropriateness of the basis of valuation of the asset or liability Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

9 Existence/occurrence and completeness assertions 10-9 Note that the direction of testing determines whether the existence/occurrence or completeness assertion is tested. Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

10 Nature of the item and available evidence The nature of the item has an important influence on the auditors selection of audit procedures. – For example, for the existence assertion, likely audit procedures are physical examination, external confirmation and vouching. An auditor can count cash on hand or sight equipment, but will confirm an accounts receivable balance. If an account balance is affected by only a few large transactions, the auditor may design substantive tests directed to the individual transactions in order to substantiate the ending balance Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

11 Learning objective 3: Approach in auditing cash balances The account balance cash is directly affected by both the cash receipts and cash payments systems. The auditor would be most worried about the assertions of occurrence and completeness of transactions when undertaking substantive testing of these transactions systems. Accuracy of the dollar value will become an assertion of concern if transactions involve foreign currencies. Much of the assessment of level of control risk will come from evaluations and tests of controls in the sales and cash receipts system, and the purchases and cash payments system Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

12 Cash, cash receipts and cash payments: assertions of interest CashCash receipts/payments Existence Completeness, and possibly Valuation and allocation (if foreign currency balances) Occurrence Completeness, and possibly Accuracy (if foreign currency transactions) These are primarily: since these are areas where misstatements are most likely to occur. Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

13 Assertions, objectives and procedures for cash receipts and payments (cont.) Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

14 Assertions, objectives and procedures for cash (cont.) Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

15 External confirmation of bank balances External confirmation procedures provide evidence that the cash in the statement of financial position exists at the balance date and that it is owned by the entity and is not restricted or committed. Audit guidance on bank confirmation procedures is provided by AGS 1002 Bank Confirmation Requests. The bank is required to confirm all details provided by the auditor as to correctness, to list all other relevant information from details contained in its records and to ensure that all details supplied are as at the confirmation date Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

16 Tests of a clients bank reconciliation The essential objective of testing a clients bank reconciliations is to substantiate that the balance confirmed with the bank agrees with the clients cash accounting records. The extent of testing of the clients reconciliations varies depending on the assessed level of control risk. When the level of control risk is assessed as: – Low : substantive procedures might be confined to scanning the client reconciliations and comparing balances per bank to bank confirmations – High: the auditor extends the substantive procedures in testing the clients reconciliation by examining the individual details of reconciling items Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

17 Learning objective 4: Sales, cash receipts and accounts receivable Assertions of interest As these are areas in which misstatements are most likely to occur Sales/cash receiptsAccounts receivable Occurrence Accuracy Cut-off Existence Valuation and allocation Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

18 Common substantive procedures External (debtors) confirmation Subsequent receipts review Cut-off Substantive analytical procedures Tests of sales transactions Review of aged trial balance Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

19 Assertions, objectives and procedures for sales Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

20 Assertions, objectives and procedures for accounts receivable Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

21 Debtors confirmation and other procedures Auditor may obtain confirmation from debtors using: – Positive form once debtor has been selected, auditor must obtain evidence and ask debtor to respond whether or not they agree with information as to amount owed in request. There will be follow-up procedures such as second request and checking invoices to shipping documents to prove sale for any non-response. – Negative form requests debtor to respond when they disagree with amount shown. – Alternative procedures to debtors confirmations include examining evidence of subsequent cash receipts and examining sales and shipping documents Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

22 Format of positive accounts receivable confirmation requests Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

23 Confirmation procedure versus subsequent cash receipts testing Subsequent cash receipts testing is commonly viewed as a superior form of evidence compared with confirmation procedures because it achieves both key assertions. ConfirmationSubsequent cash receipts testing Existence YES Valuation and NO allocation Existence YES Valuation and YES* allocation Confirmation still requires further tests of likelihood of payment (doubtful debts provision), which is part of valuation and allocation. (* for those identified as subsequently paying.) Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

24 Learning objective 5: Purchases and inventory Inventory consists of goods to be sold or used in the production of saleable goods. Major transactions involving inventory: increase to inventory when goods purchased and decrease to inventory when goods sold. Inventory is generally considered high risk because it: – Is significant in the determination of income – Involves a high volume of activity – Involves accounting complexities – Is susceptible to manipulation Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

25 Differences from the sales and expenditures cycles Differences in importance of accounting principles for these two cycles. For sales cycle, audit problems tend to be related to high volume clerical processing rather than complex accounting principles. For expenditure (inventory) cycle, audit problems arise from both high volume processes and complex accounting principles, such as: – Assignment of costs to inventory by inventory flow assumptions – Identification of obsolete or slow-moving items, and – Lower of cost or net realisable value Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

26 Inventory: Assertions of interest InventoryPurchases/payments Existence Valuation and allocation Occurrence Accuracy Cut-off These are primarily: Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

27 Inventory: major procedures These are primarily: Observation of physical inventory Substantive analytical procedures Cut-off testing around balance date to test that sales and purchases recorded in correct period Tests of valuation and allocation Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

28 Assertions, objectives and procedures for purchases Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

29 Assertions, objectives and procedures for inventory Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

30 Inventory: key procedures The following list highlights some points that are often misunderstood about observation of physical inventory: 1. The clients taking of the physical inventory is a control activity. 2. The auditor uses a combination of observation, inquiry and physical examination. 3. The auditors goal is to obtain reasonable assurance that the clients methods of counting inventory results in an accurate count, which is therefore a test of controls. 4. In most circumstances there are no satisfactory alternative procedures to making or observing some counts of items in inventory for verifying the ending inventory Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

31 Tests of valuation and allocation Auditor is required to evaluate the bases used by management in the valuation and allocation of inventory, and to perform audit procedures designed to obtain sufficient appropriate audit evidence regarding these bases. Audit sampling may be used in verifying cost of inventory by selecting purchases and vouching cost price back to suppliers invoices or cost accounting records. The auditor also needs to ensure that the inventory flow assumption used to assign costs to inventory are in accordance with an acceptable accounting method. With inventory required to be valued at lower of cost and net realisable value, auditor needs to test for obsolete, slow-moving or excess items Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

32 Learning objective 6: Accounts payable, payments and payroll A primary assertion of concern is completeness as the most likely form of misstatement is understatement. A search for unrecorded liabilities and analytical procedures performed on related expense account balances are common procedures for completeness. External confirmation procedures can also address this assertion, if confirmations are sent to all major suppliers irrespective of closing balance Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

33 Assertions, objectives and procedures for purchases Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

34 Table 10.4 (cont.) Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

35 Payroll A common audit approach for payroll expenses is to undertake a high level of tests of controls and substantive analytical procedures. The test of controls for payroll were previously discussed in chapter 9. – Effective substantive analytical procedures are often possible for many payroll systems, due to the fact that periodic payrolls can be compared and analysed for fluctuations indicating risks of material misstatement. If, however, the auditor finds that they cannot rely on the key controls in order to reduce the risk of material misstatement to an acceptable level, they will need to undertake more detailed substantive testing of details. Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

36 Search for unrecorded liabilities This procedure is also sometimes called the out-of- period liability search or the review of subsequent payments. This audit procedure is invariably included in audit programs for substantive tests of the completeness assertion of the accounts payable balance. The potential for unrecorded liabilities arises from both errors and irregularities. The auditors objective is to obtain reasonable assurance that material liabilities have not been omitted. Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

37 Learning objective 7: Non-current assets The balances of non-current asset accounts are usually affected by a few relatively large transactions each year. For this reason, it is usually efficient for auditors to verify account balances by performing tests on individual transactions Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

38 Property, plant and equipment Assertions of interest are generally: – Existence – Rights and obligations – Valuation and allocation Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

39 Assertions, objectives and procedures for property, plant and equipment Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

40 Property, plant and equipment: key procedures Substantiating additions and identifying retirements Considering any revaluations Analytically testing and recomputing related expense accounts such as depreciation Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

41 Valuation of property, plant and equipment (PP&E) The auditor must be satisfied that the PP&E is valued in accordance with the accounting standards. AASB 116/IAS 16 permits either the cost model or the revaluation model to be used for valuing assets. There are three principal ways of finding evidence of impairment: – Observing obsolete, damaged or underutilised units during a tour of the plant – Identifying assets associated with discontinued activities but not yet disposed of – Inquiry of management as to budgets and forecasts in relation to the carrying value of assets Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

42 Revaluation model When the revaluation model is used, PP&E items are required to be valued at their fair value. ASA/ISA –18 outlines that audit procedures would normally involve: – Evaluating the data on which the estimate is made by management – Testing managements underlying data – Testing the calculation procedures used – Comparing accounting estimates made in prior periods – Making or obtaining an independent estimate to compare with the appropriateness of managements estimate Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

43 Use of Experts ASA/ISA 540.A96–A101 provides guidance for the consideration of whether specialised skills or knowledge are required. If the valuation is undertaken by an independent expert, the auditor needs to be satisfied as to their skill, competence and objectivity. The auditor vouches the valuers report, paying regard to the basis of valuation, and considers its appropriateness as a basis for determining the carrying amount of that class of assets in the financial report Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

44 Assertions, objectives and procedures for investments Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

45 Intangibles use of experts Assertions in relation to existence, valuation and allocation for intangible assets are particularly subjective given the nature of intangible assets. Auditor may consider the use of experts where issues are outside of auditors own expertise Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

46 Investments and intangibles: key procedures Physical examination Confirmation Inspection of legal documents Recomputation, vouching, tracing Specialised valuation procedures – Consider use of experts Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

47 Learning objective 8: Non-current liabilities and owners equity: key procedures Key assertion: – Completeness Key procedures: – External confirmation – Reading minutes of meetings – Substantive analytical procedures – Examination of contracts and agreements – Inspection of share registers Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

48 Assertions, objectives and procedures: non-current liabilities Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

49 Learning objective 9: Income statement accounts: assertions of interest In a double-entry accounting system, testing one side of a transaction automatically tests the other side. A procedure that achieves an audit objective for one side of a transaction should achieve a comparable audit objective for the other side. For example, if the auditor verifies the existence of an accounts receivable balance, this will verify the occurrence of the related sales transactions. For this reason the extent of substantive tests of transactions is negatively related to the amount of substantive testing of balances that is undertaken Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

50 Audit procedures for income statement accounts Substantiation indirectly by simultaneous tests of accounts, e.g. sales accounts receivable. Substantiation directly in conjunction with balance sheet accounts, e.g. plant & equipment depreciation. Substantiation directly by analytical procedures, e.g. relationships following a predictable pattern such as sales sales commission. Substantiation directly by separate tests of individually significant transactions, events or account balances, e.g. discontinued operations Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

51 Learning objective 10: Using CAATs to aid the undertaking of substantive tests The major way the auditor uses the computer for substantive tests involves using audit software to read clients master files and/or transactions files. Major advantages: – Directs auditors attention to items of risk and/or materiality – Undertakes routine audit tasks efficiently Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

52 Generalised audit software (GAS) When generalised software is run, the first step is to read the clients file. To run generalised audit software it is necessary to: – Specify file format Client file formats vary considerably Defined by the auditor as part of the input specification – Processing instructions Generalised audit software is designed to perform several types of processing tasks. Auditor can select tasks that they want from menu, such as add, sort, merge, identify large amounts Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

53 Use of CAATs Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

54 Use of CAATs (cont.) Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

55 Functions of audit software Audit software can interrogate clients files in order to: – Select sample items – Identify records meeting specified criteria (exception reporting) – Test and make calculations – Compare data in separate fields or on separate files – Summarise data – Generate reports Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett

56 Generalised audit software packages At present there are two dominant generalised audit software packages: ACL and IDEA. – Note that ACL is available for students at The website that accompanies this book contains a tutorial on using ACL audit software, which will allow you to become familiar with the audit tests that can be applied using ACL. – There is also a case study using ACL on the website Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia 4e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett


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