This lesson provides an overview of the various substantive testing procedures, highlighting their importance in verifying information and reducing detection risk during an audit. The lesson emphasizes the need to understand how to substantiate different assertions and corroborate evidence. Additionally, it addresses the potential pitfalls and common errors that auditors may encounter while performing their tests, such as using incorrect source documents or verifying information with itself. Underlining the significance of practice and utilization of available resources, this lesson encourages persistence and thoroughness to successfully complete the CPA exam.
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