During a revenue audit, for example, a company's tax returns will be compared to its tax records. This can be done through substantive tests, completeness tests, cutoff tests and other procedures.

First, Sara Lord, CPA, chair of the AICPA’s Auditing Standards Board (ASB ... there are more opportunities to leverage that work to reduce year-end substantive testing. He presented a quantitative ...

Auditing standards indicate that inherent, control and analytical procedures risks may be combined to determine the extent of substantive, detailed testing. The standards depict each component risk ...

and in some cases the resulting overreliance on controls when performing substantive testing. The Part I.B deficiencies in 2022 related to retention of audit documentation, audit committee ...

Developing substantive testing procedures: The AI assistant, with direct access to KPMG audit methodology, will help design appropriate procedures to respond to risks more quickly. Enhancing audit ...

By conducting so-called substantive tests and tests of controls, the auditor can provide some assurance that the revenues of the company are recorded accurately. Revenue recognition issues usually ...