What do substantive testing procedures during a final audit aim to verify?

Substantive testing procedures during a final audit are designed to verify account balances in financial statements. This part of the audit is crucial because it focuses on obtaining direct evidence that the numbers presented in the financial statements are accurate and complete. The substantive tests help auditors assess whether the financial statements are free from material misstatement, providing assurance that the reported values reflect the true financial position and performance of the entity.

These procedures typically include examining transactions, confirming balances with third parties, and performing analytical procedures to ensure that the amounts included in the financial statements comply with relevant accounting frameworks. By confirming account balances, auditors can provide stakeholders with confidence that they are making decisions based on reliable financial information.

While aspects like the effectiveness of internal controls, the allocation of work, and team qualifications are important considerations in an audit, they do not fall under the scope of substantive testing procedures aimed specifically at verifying account balances in the financial statements. These concepts are addressed through different phases of the audit process, such as understanding the client's internal control systems or assessing the qualifications and abilities of the audit team.