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Analytical procedures

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Lecture 13 What is it?  Analytical procedures consist of the evaluations of financial information made by a study of plausible relationships among both financial and non-financial data.  They also encompass the investigation of identified fluctuations and relationships that are consistent with other relevant information or deviate significantly from predicted amounts. What is it?  ‘Analytical procedures’ actually means the evaluation of financial and other information, and the review of plausible relationships in that information. The review also includes identifying fluctuations and relationships that do not appear consistent with other relevant information or results.  Analytical procedures are used in obtaining an understanding of an entity and its environment and in the overall review at the end of the audit. Types of analytical procedures  – Comparison of comparable information to prior periods to identify unusual changes or fluctuations in amounts.  – Comparison of actual or anticipated results of the entity with budgets and/or forecasts, or the expectations of the auditor in order to determine the potential accuracy of those results.  – Comparison to industry information either for the industry as a whole or by comparison to entities of similar size to the client to determine whether receivable days, for example, are reasonable.  - Predictions prepared by the auditors Uses of Analytical procedures  Analytical procedures c ...
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