What is the difference between substantive procedures and tests of controls in an audit?
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A
There is no difference; they are the same type of procedure
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B
Substantive procedures test the amounts and disclosures in financial statements; tests of controls evaluate the operating effectiveness of internal controls
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C
Tests of controls are performed only at year-end; substantive procedures are performed at interim
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D
Substantive procedures are optional; tests of controls are mandatory