For more detailed information, refer to the Statement on Auditing Standards No. 56 (AICPA, 1988) or to Montgomery's Auditing (O'Reilly et al., 1998) for a more in-depth discussion.
developed by Hirst and Koonce (1996) describes the performance of analytical procedures as consisting of five components: expectation development, explanation generation, information search and explanation evaluation, decision making, and documentation
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).
the primary purpose of substantive analytical procedures is to provide evidence as to the validity of an account balance.
The first step in the analytical procedures process is the development of an expected account balance.
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].
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.
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has required that analytical procedures be performed during all audits of financial statements. The Auditing Standards Board did so through the issuance of Statement on Auditing Standards (SAS) No. 56 in 1988
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Analytical statistics
it is a matter of professional judgment in determining whether the evidence adequately supports the explanation. This is one of the most important steps of the analytical procedures process and is referred to as the decision phase of the process.