ACC311 3rd GDB idea solution

Can an auditor ignore the substantive procedures for a material account balance if related
internal controls are assessed to be very strong?
Required:
Provide your answer in the following pattern:
1.
2.
----No--------- (Yes / No)------------- (Reason). Your reason should be confined only between two to three lines
To collect audit evidence that the management assertions (actual figures and disclosures) made in the
Financial Statements are reliable and in accordance with required standards and legislation.
Notes:
·
can be performed before year-end. For example, if the year-end is 31 December, the hard
close may provide the auditors with figures as at 30 November. The auditors would audit
income/expense movements between 1 January and 30 November, so that after year end,
it is only necessary for them to audit the December income/expense movements and the
31st December balance sheet. In some countries and accountancy firms these are known
as 'roll forward' procedures.Some audits involve a 'hard close' or 'fast close' whereby certain substantive procedures