Analytical Procedures – Comprehending Financial Statement Audit Fundamentals

The purpose of financial data preparation is smart decision making that helps to achieve long-term value for owners. Primary way to do it is to have an evaluation of the financial information. 

To do this all the financial and nonfinancial information needs to be analyzed for plausible relationships with other data points covering financial as well as non-financial data. Further, this data needs to be investigated for fluctuations or relationships that may be inconsistent with the information or differ from expected values by significant value. This is what constitutes analytical procedures. 

To make sure that the analytical procedures follows its steps, it is essential that the required data has been properly designed, documented, results of analytics review evaluated. This is only possible when the audit engagement is performed effectively and efficiently. 

This Online CPE webinar provides a comprehensive view for identifying major misstatements with the preliminary analytic review process. It also provides common pit falls and key auditing standards to follow. It will take care of the tips and techniques necessary to gather sufficient appropriate audit evidence to support conclusions using analytic procedures common to financial statement audits.

Major Topics covered are as follows:

• 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

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