Analytical procedures are a natural extension of the auditor’s understanding of the client’s business and add to his or her understanding because the key factors that influence the client’s business may be expected to affect the client's financial information. Analytical procedures are used in all three stages of the audit: planning, testing, and overall review. AICPA publications provide practical guidance and illustrative examples for the application of the analytical procedures including
- a plain-English overview of the purpose and application of analytical procedures.
- step-by-step guidance through the application of analytical procedures in each stage of the audit.
- a series of questions and answers addressing issues encountered in the four phases of the analytical procedure process.
- an in-depth case study illustrating trend analysis, ratio analysis, reasonableness testing, and regression analysis.
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