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How do you differentiate substantive procedures from analytical procedures

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How do you differentiate substantive procedures from analytical procedures
October 21st 2014 AN ACCA USER 240 Points

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SUBSTANTIVE PROCEDURES (OR SUBSTANTIVE TEST) - these test the substance of the balances in the financial statements to verify those balances show a true and fair view. Substantive procedures can be remembered as "AEIOU"- Analytical procedures, External confirmation, Inspection, Observation, recalUation. ANALYTICAL PROCEDURE- is a procedure used to perform substantive testing (i.e. to obtain evidence). it is performed using financial statements under current audits, prior year FS, budgets, management accounts and interim accounts and can be carried out at the all 3 stages of an audit: planning, substantive and review stage.

October 22nd 2014 AN ACCA USER 2,720 Points
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October 21st 2014 AN ACCA USER 240 Points
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