Audit 206: Analytical Procedures - Audit Fundamentals

Overview

Analytical Procedures - Comprehending Financial Statement Audit Fundamentals will provide the tips and techniques necessary to gather sufficient appropriate audit evidence to support conclusions using analytic procedures common to financial statement audits. Properly designing, documenting and evaluating results of analytic review procedures is critical for performing an effective and efficient audit engagement. Note: This course is recommended as a part of a 16-hour audit skills curriculum for experienced staff auditors, while it is also appropriate for anyone who has responsibilities for performing financial statement audit analytics. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Prerequisites

None

Objectives

Upon completion of this course, you will be able to...

• Link preliminary analytic review results to assessed risk of material misstatement
• Perform final overall analysis of audit results
• Understand audit standard requirements, including minimum documentation for substantive analytic procedures
• Design typical substantive analytical procedures
• Identify quality control deficiencies in substantive analytic procedures

Highlights

The major topics covered in this course include:

• 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