Check each transaction for errors or fraud. Realistic transaction testing put a focus on confirming the transactions that were initially posted for substantive test in the general ledger and then recorded in the journals.
The activities carried out by the auditor during the substantive testing phase of the audit that collect evidence on the completeness, validity, and/or accuracy of account balances and underlying classes of transactions are known as substantive tests.
The goal of substantive tests. is to gather audit evidence proving the authenticity, accuracy, and completeness of the data generated by the accounting system.
A company's accounting system generates numerous data on various transactions. The balance sheet and profit and loss account both show their impact.
Check each transaction for errors or fraud. Realistic transaction testing put a focus on confirming the substantive tests. that were initially posted in the general ledger and then recorded in the journals.
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