For the purposes of this Auditing Standard, the following terms have the meanings attributed below:
Substantive procedure means an audit procedure designed to detect material misstatements at the assertion level. Substantive procedures comprise:
- Tests of details (of classes of transactions, account balances, and disclosures); and
- Substantive analytical procedures.
Test of controls means an audit procedure designed to evaluate the operating effectiveness of controls in preventing, or detecting and correcting, material misstatements at the assertion level.