Effective Analytical Review Procedures

Analytical procedures may be performed throughout the audit, at planning, fieldwork and completion stages. They are an effective audit test in obtaining further audit evidence for various sections of the audit and in forming an overall conclusion as to whether the financial statements are consistent with the auditor’s understanding of the entity. This seminar will provide insight into the use and effectiveness of analytical procedures within an audit.

Topics covered include:

  • Using preliminary analytical review procedures effectively at the planning stage to understand the entity and its financial performance
  • Determining the suitability of using substantive analytical procedures as audit evidence
  • Developing a reliable expectation figure to compare against actual results, when performing substantive analytical procedures
  • Using relevant and reliable sources of evidence, including financial and non-financial data, industry reports, media articles, to perform substantive analytical procedures
  • Presenting results of analytical procedures in a powerful way
  • The importance of final analytical review procedures in forming an overall conclusion
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