SUBSTANTIVE AUDIT PROCEDURE Definition

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SUBSTANTIVE AUDIT PROCEDURE is a direct test of a financial statement balance designed to detect material misstatements at the assertion level. Substantive procedures comprise tests of details (classes of transactions, account balances, and disclosures), and substantive analytical procedures.

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LINE ITEM is one item from a group of many items, e.g. one inventory item from the list of all inventoried items or one budgeted item from a financial budget.

BULLET is 1) A security with only one final maturity payment. 2) A fixed income investment strategy where securities of a single maturity (rather than barbelled or laddered maturities) are purchased.

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