As audit firms strive increasingly for efficiency of effort, analytical review can be a very useful tool – and yet professional bodies are very critical of how it is performed and documented. This short session will highlight a number of important tips and traps. Topics covered will include: Using preliminary analytical review procedures to understand the entity and its financial performance, Determining the suitability of using substantive analytical procedures as audit evidence, Using final analytical review to perform an overall review and meet ISA requirements, Developing a reliable expectation figure to compare against actual results, Using relevant and reliable sources of evidence, Producing working papers – what professional bodies expect to see on file