Properly designing, documenting, and evaluating results of analytic review procedures is critical for performing an effective and efficient audit engagement. This module will provide the tips and techniques necessary to gather sufficient appropriate audit evidence to support conclusions using analytic procedures common to financial statement audits.
Major Topics:
- Identifying risk of material misstatement through preliminary analytic review procedures
- Ensuring sufficient appropriate audit evidence is gathered through final overall analytic review
- Establishing expectations for analytic procedures
- Properly designing, documenting and evaluating the results of substantive analytic review procedures
- Disaggregating substantive analytics for stronger results
- Factors impacting the design of substantive analytic procedures
- Common pitfalls in performing substantive analytic procedures
Prerequisites
No Advanced Preparation or Prerequisites are needed for this course.
Designed For: Accountants responsible for performing basic analytic procedures on audit engagements.
Learning Objective
- Identify and link preliminary analytic review results to assessed risk of material misstatement.
- Explore and perform final overall analysis of audit results.
- Recognize audit standard requirements, including minimum documentation for substantive analytic procedures.
- Discover and design typical substantive analytical procedures.
- Identify quality control deficiencies in substantive analytic procedures.
Last updated/reviewed: March 25, 2024
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Jennifer Louis
CPA, President of Emergent Solutions Group LLC
INTRODUCTION AND OVERVIEW
- Learning Objectives for Analytical Procedures 0:59
- Overview 9:51
- Preliminary Analytic Review 22:13
- Case Study-Linking Preliminary Analytics to Specified Identified Risks 12:15
- Final Analytic Review 3:29
- Substantive Analytic Procedures 8:48
- Typical Analytical Procedures 4:36
- Required Elements for Substantive Analytic Procedures 4:46
- Minimum Documentation Requirements 7:06
- Understanding The Factors That Impact an Account 13:48
- Evaluating Differences 4:58
- Conclusion 5:36
CONTINUOUS PLAY
Supporting Materials
- Slides: Analytical Procedures - Comprehending Financial Statement Audit Fundamentals PDF
- Analytical Procedures - Comprehending Financial Statement Audit Fundamentals Glossary/Index PDF
REVIEW AND TEST
- REVIEW QUESTIONS quiz
- FINAL EXAM exam
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