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.

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

Prerequisites

None

Designed For

Accountants responsible for performing basic analytic procedures on audit engagements

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