Chapter 11 _ substantive testing and income statement accounts.docx

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Department
Financial Accounting
Course
MGAD10H3
Professor
Kevin Ha
Semester
Summer

Description
Chapter 11 – substantive testing and income statement accounts Learning objectives 1. Explain the relationship between the overall risk assessment for a significant account and the extent and timing of substantive procedures, and the differences between auditing income statement and balance sheet accounts 2. Design and understand how to execute substantive procedures to address audit risk related to revenue, cost of sales and expenses 3. Understand when to have additional substantive testing CAS 330 – the auditor’s responses to assessed risks CAS 500 – audit evidence CAS 520 – analytical procedures CAS 530 – audit sampling IAS 38 – intangible assets 11.1.1 – differences between auditing income statement and balance sheet accounts  Typically for BS items, it is audited through confirmations, vouching, and tests of balances at year-end  For IS items, what is usually done is substantive analytical procedures, coupled with tests of details, an
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