Lesson: Substantive Testing Procedures Objectives

This lesson provides an in-depth understanding of the various substantive testing procedures involved in an audit, including confirmations, inquiries, observations, inspections, re-performance, and recalculation. Gain insight into how to handle each procedure effectively and avoid potential pitfalls. The lesson also emphasizes the importance of preparing and using external confirmation requests for obtaining relevant and reliable evidence. Further discussion focuses on inquiring with management and others within an organization, analyzing their responses, and assessing the results with professional skepticism. Nick Palazzolo, CPA, guides through this comprehensive lesson, injecting humor and ensuring a thorough understanding of each aspect of substantive testing procedures.