SAS No. 56 describes analytical procedures as the "evaluation of financial information made by a study of plausible relationships among both financial and non-financial data" (AICPA, 1998, 56 p. 1).
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The first step in the analytical procedures process is the development of an expected account balance.
Analytical procedures are "one of many financial audit processes which help an auditor understand the client's business and changes in the business, and to identify potential risk areas to plan other audit procedures." So essentially these are the procedures that an auditor goes through to look at risks within the business.
perform analytical procedures and tests of balances
Mostly Analytical procedures are performed when verifying Sales / Revenue
the primary purpose of substantive analytical procedures is to provide evidence as to the validity of an account balance.
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
No
They are not both "analytical", but "substantive" and "analytical". Substantive procedures are reviews of documents for a "substantial portion" of account activity, while analytical procedures includ controls test and test relying on mathematical relationships reflectinb accounting mecvhanics, contractual provisions [debt times interest rate], or business capabilities [production per machine hour or day].
examples of audit procedures for share based options
Internal audit reveals to management whether internal control procedures are duly followed or not.
The audit procedure for letter of credit ensures the compliance of sanctions and post sanction procedures.
A survelliance audit is a process where current procedures are checked and verified against the company's quality management system.