0
What else can I help you with?
What is the first step in the analytical procedures process used in an audit?
The first step in the analytical procedures process is the development of an expected account balance.
What are analytical procedures?
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.
At what point in the audit are tests of details most appropriately designed?
perform analytical procedures and tests of balances
What substantive procedure would you perform in the audit of revenue?
Mostly Analytical procedures are performed when verifying Sales / Revenue
What is the primary purpose of substantive analytical procedures?
The primary purpose of substantive analytical procedures is to evaluate the relationships and trends within financial information to identify any discrepancies or anomalies that may indicate potential misstatements or errors in the financial statements. This helps auditors assess the reasonableness of account balances and gather evidence to support their audit conclusions.
What is the Difference between HR audit And Financial Audit?
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
Can you provide assistance with audit procedures?
Yes, I can help with audit procedures, which involve examining financial records and processes to ensure accuracy and compliance with regulations.
What are the audit risk assessment procedures in assets?
Audit risk assessment procedures for assets involve identifying and evaluating risks related to asset valuation, existence, and ownership. Auditors typically perform inquiries, analytical procedures, and substantive testing, such as physical inspection of assets and reviewing supporting documentation. They also assess internal controls related to asset management to determine the likelihood of misstatements. By understanding the client's operations and industry, auditors can tailor their procedures to address specific risks associated with assets.
What procedures need to be done after a safety audit is complete?
No
What are the differences between substantive procedures and substantive analytical procedures?
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].
How do you audit share based payments and special purposes entities?
examples of audit procedures for share based options
What is audit procedures?
Audit procedure is the process followed while auditing an entity which may include:Confirm the audit assignmentComplete appropriate planningExecute actual internal audit workDevelop a report
