Sir is it correct to say that substantive procedures are anything and everything an auditor does to ensure any assertion in the financial statements is not materially misstated?Also, is there any way to perform substantive procedure at the financial statement level ?
risk is identified at financial statement level and at assertion level (SA 315)
for risk at financial statement level we give overall response (SA 330)
for risk at assertion level we first perform test of controls and then substantive procedures (SA 330)
substantive procedures are also performed at year end for closing process of financial statement whether it agrees with trial balance, year end adjustments, presentation & disclosures (SA 330)
also see these links for more clarity