Class_8_web

Class_8_web - Learning Objectives 1. 2. Preliminary...

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1. Compare the overall planning materiality amount to the tolerable misstatement amounts for particular accounts. 1. Preliminary analytical procedures and business risk analysis in the audit planning process. 2. Analytical procedures to identify potential misstatements in the accounts. Learning Objectives Learning Objectives
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perform preliminary analytical procedures Steps in audit planning Steps in audit planning preplan set materiality, and assess acceptable audit risk and inherent risk understand internal control and assess control risk obtain background information obtain information about client’s legal obligations develop overall audit plan and audit program
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Preliminary Analytical Preliminary Analytical Procedures Procedures Standards require analytical procedures at the start of the audit. What types of analysis during planning? Why do we perform analysis? Find problematic areas and issues in the audit.
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Analytical Procedures Analytical Procedures HB 5301 HB 5301 When is analytical review used? During planning – to assess risk when obtaining an understanding of the entity (assist in designing the nature, extent and timing of audit procedures) Completion of the audit – to assist in evaluation overall F/S presentation As a Substantive test - Throughout audit as a way to collect audit evidence and reduce detailed testing
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Analytical procedures play a Analytical procedures play a crucial role crucial role
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Importance of analytical Importance of analytical procedures
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This note was uploaded on 11/23/2009 for the course AFM 480 taught by Professor Gb during the Spring '09 term at Waterloo.

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Class_8_web - Learning Objectives 1. 2. Preliminary...

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