Objectives
Audit Engagements - Analytical procedures are used:
a) to obtain relevant and reliable audit evidence when using substantive analytical procedures, and
b) to design and perform analytical procedures near the end of the audit that assist the auditor when forming an overall conclusion about whether the financial statements are consistent with the auditor's understanding of the entity.
Review Engagements - The accountant should design and perform analytical procedures and
make inquiries and perform other procedures, as appropriate, to obtain limited assurance as a basis for reporting whether the accountant is aware of any material modifications that should be made to the financial statements in order for the statements to be in accordance with the applicable financial reporting framework, based on the accountant's:
a) understanding of the industry
b) knowledge of the entity
c) awareness of the risk that the accountant may unknowingly fail to modify the accountant's review report on financial statements that are materially misstated
Major Topics
• Review of the appropriate audit and review standards
• Identifying appropriate analytical procedures in the circumstances
• Developing expectations
• Designing and performing analytical procedures
• Investigating results of the procedures performed
• Introduction to data analytics
