Explain the purpose of substantive testing and give examples of the main types of substantive tests.
Explain the purpose of substantive testing and give examples of the main types of substantive tests.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Explain the purpose of substantive testing and give examples of the main types of substantive tests.
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Step 1
Substantive Testing:
Meaning:
It is an audit procedure that helps examine the supporting documents and financial statements to check for any error that may exist. These tests support as evidence to prove that the entity’s financial records are accurate, valid, and complete.
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