Which tests are more important for a modern audit: tests of control or substantive tests? State your grounds?

Question

Help please

Answer 1

The auditor is concerned with studying and evaluating the client's Internal Control in order to determine control risk. If control risk is low, the auditor will have to conduct fewer substantive tests (especially tests of details) later in the audit because there is some assurance that the F/S are fairly stated. Conversely, if control risk is high, the auditor will have to conduct more substantive tests. The auditor will conduct
tests of controls to ensure that controls identified at the preliminary stage are working as documented.

With the SOx rules in place, companies (whether subject to SOx or not) are much more aware of the importance of having strong internal control in place. Based on that, it would follow that a "modern audit" would be able to place more reliance on the system, and hence an audit would be increasingly more test of controls based than substantive tests based.