Substantive Tests Happy-Go-Lucky Ltd (HGLL) is a medium-sized manufacturer of children's playground equipment, primarily supplying local councils. HGLL maintains a computerised (perpetual) inventory system that includes the following details for each product:

 - Inventory code; 

-Location code; 

-Product description; 

-Component map; -Unit cost; 

-Quantity on hand; -Date of last sale; 

-Quantity sold during the year; 

-Unit selling price. 

Required: 

a. List and explain five substantive tests, relating to inventory of HGLL, you could perform using generalised audit software. 

b. For each procedure listed in ‘a’, indicate which assertion is the focus of the test.

Answer rating: 100% (QA)

A Substantive procedure Relating to HGLL could perform using 1 Confirm the validit... View the full answer