ACC 410 Week 2 Assignment Analytical Procedures

May 8th, 2015
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ACC 410 Week 2 Assignment Analytical Procedures

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Analytical ProceduresNameACC410 AuditingAnalytical ProceduresThe purpose of analytical procedures performed in the planning stage of an audit is to facilitate identification of unusual amounts, entries, occurrences, or transactions that could potentially discredit the fairness of the financial statements. The analytical procedures aid the auditors in developing their understanding of the clients business and how the business operates. The following chart shows the projected 2004 net income based on the incremental changes for each line item over the last three years. Also taken into consideration is the information given in #s 1 through 6 of the Problem text. Supporting calculations and reasoning are listed following the chart.UDEN SUPPLY COMPANYComparative Income StatementYears Ended December 2001, 2002, and 2003(Thousands)2001 Audited% of Sales2002 Audited% of Sales2003 Audited% of Sales2004 Expected1Sales$8,700$9,400$10,100$10,8002Cost of goods sold6,00068.97%6,50069.15%7,00069.31%7,5003Gross profit2,70031.03%2,90030.85%3,10030.69%3,0994Sales Commissions6107.01

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