Audit 305: Strengthening Substantive Analytic Procedures

Overview

Substantive Analytic Procedures - Strengthening Evidence to Satisfy Audit Objectives will provide the tips and best practice techniques for strengthening substantive analytic procedures in order to reduce over-reliance on tests of details. 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. Note: This course is recommended as a part of a 16-hour audit skills curriculum for in-charge or supervisor auditors, while it is also appropriate for anyone who has responsibilities for analytical procedures. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Prerequisites

Basic audit experience

Objectives

After attending this presentation, you will be able to...

• Determine how analytic procedures can enhance audit quality
• Choose elements of strong analytic procedures that can eliminate or mitigate the need for extensive tests of details
• Distinguish tips for improving documentation of the design, documentation and evaluation of substantive analytic procedures
• Identify factors impacting the development of expectations and evaluation of results of substantive analytic procedures

Highlights

• 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