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L22 Notes_Part_23 - Regression and time series analysis...

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Steps in Applying Materiality 1. Set Preliminary judgment about materiality 2. Allocate preliminary judgment about materiality segments 3. Estimate total misstatement in segment 5. Compare combined estimate with preliminary or revised judgment about materiality 4. Estimate the combined misstatement Arens, Elder Beasley text P L A N N I N G T E S T I N G
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Types of Analytical Procedures Comparative financial statements Common size financial statements Ratio analysis 1. Industry averages to client balance, use of economic data 2. Actual to budget 3. Actual to prior periods 4. Actual to nonfinancial information 5. Actual to other financial statement accounts Cash flow analysis
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Unformatted text preview: Regression and time series analysis Multivariate discriminant analysis Nonfinancial performance indicators Competitive benchmarking 1. Planning Phase REQUIRED 2. Substantive Testing Phase: OPTIONAL 3. Overall Review Phase: REQUIRED © W.R. Knechel Implementation of the Audit Process Client Acceptance and Retention Understand Client’s Industry Evaluate Internal Control Preliminary Analytical Procedures Knowledge Acquisition of Current Conditions Audit Completion and Reporting Audit Procedures Planning Customer Service Processes Supply Chain & Produciton Processes Resource Management Processes Tests of Financial Statement Assertions...
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L22 Notes_Part_23 - Regression and time series analysis...

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