Asked by: Kely Calvinoasked in category: General Last Updated: 1st February, 2020
Why are analytical procedures performed at the end of the audit?
Keeping this in view, what are analytical procedures in an audit?
Analytical procedures are a type of evidence used during an audit. These procedures can indicate possible problems with the financial records of a client, which can then be investigated more thoroughly.
what is the primary purpose of analytical procedures during the completion phase of the audit? Analytical procedures are required during two phases of the audit: (1) during the planning phase to assist the auditor in determining the nature, extent, and timing of work to be performed and (2) during the completion phase, as a final review for material misstatements or financial problems.
Likewise, people ask, what is the purpose of performing final analytical procedures?
Substantive analytical procedures are used to obtain evidential matter about particular assertions related to account balances or classes of transactions. Final analytical procedures are used as an overall review of the financial information in the final review stage of the audit.
At what stages of the audit are analytical procedures performed?
Analytical procedures are performed at three stages of audit, namely planning, execution and completion, serving three primary purposes: risk assessment, obtain assurance and financial analytical review.