Analytical procedures are one of the component audit procedures identified in the audit risk model and universally applied in every audit. The entire engagement team is involved in the design, performance, and evaluation of analytical procedures. In conjunction with internal controls and tests of detail, the procedures can be an effective trap for fraud and error and can provide audit evidence. Although the entire engagement team may be involved, new staff are often involved in the computational aspects of analytics.
New staff often bring important insights and issues to light because they are near the detailed data where insights can arise. Recent quality initiatives have looked more closely at analytical procedures, and auditing standards have set new requirements and guidelines to fill gaps observed when analytics have failed to identify issues. This CPE course will teach new staff the key techniques and requirements with regard to analytical procedures in an audit.
Course provided by AICPA