Substantive Analytic Procedures – Strengthening Evidence To Satisfy Audit Objectives

One of the ways to perform a more effective and efficient audit is to maximize the use of substantive analytic procedures in the detailed audit plan. The analytic procedure covers the evaluations of financial information through analysis of plausible relationships among both financial and non-financial data. To ensure the internal control of the organization analytic procedures can provide substantial support. Such investigation, as necessary, of identified fluctuations or relationships that are inconsistent with other relevant information or that, differ from expected values by a significant amount. 

This Online CPE webinar discusses key questions about using an analytic procedure to ensure better audit results and strong internal control procedures to avoid material misstatements. It explores the area of how you can strengthen your analytic evidence to satisfy your audit objectives and enhance the quality of the audit. The speaker goes into detail on the subject and identifies key elements to have a strong analytic procedure that can either eliminate or mitigate the need for more extensive tests to have details. However, without key documentation, this would not be realized. The speaker Jennifer Louis delves into improving documentation of design, evaluation, and results of an audit from analytics. The webinar covers two key topics of exploring key factors that you must include while describing your expectations from audit and recognizing the sources of assumptions that you are making as you are comparing actual to formal for reaching conclusions. 

This Online CPE webinar covers the following Major Topics: 

• How analytic procedures enhance audit quality
  
• Elements of strong analytic procedures
• Selecting the proper analytic, and altering the strength for the intended purpose
• Disaggregating data to make more informed expectations
• Evaluating the data used in generating expectations, including corroborating inquiry
• Improving documentation, including evaluating sufficiency and appropriateness of the audit evidence obtained
• Resolving significant differences resulting from analytic procedures and concluding on audit results

This Online CPE webinar will provide the tips and best practice techniques for strengthening substantive analytic procedures in order to reduce over-reliance on tests of details.

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