How are analytical procedures used in an audit engagement?
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How are analytical procedures used in an audit engagement?
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The 346 word solution presents a good discussion about the use of analytical procedures in all phases of an audit. A listing of types of analytical procedures are included.
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The definition of analytical procedures is an evaluation to develop relationships about data, either financial or non-financial, in order to compare expectations to recorded amounts in client records. (Hilltop)
Analytical procedures can be used in most all parts of an audit engagement beginning with whether to accept of reject a new client. With a new client, the audit firm must access risk of taking a new client and risk can be mitigated by understanding how a client compares to others in the industry. That in itself is an analytical procedure.
Next the same type of process can be applied in planning an ...
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