Get the free Analytical procedures in auditing - The Hindu Business Line

Suggested Answer Syl12 Dec 2016 Paper 19 FINAL EXAMINATION GROUP IV (SYLLABUS 2012)SUGGESTED ANSWERS TO QUESTIONS DECEMBER 2016Paper19: COST AND MANAGEMENT AUDIT Time Allowed: 3 Hurtful Marks: 100The

How to fill out analytical procedures in auditing

How to fill out analytical procedures in auditing

1. To fill out analytical procedures in auditing, follow these steps:
2. Identify the objective: Determine the purpose of conducting analytical procedures in the audit.
3. Gather relevant data: Collect the necessary financial and non-financial information for analysis.
4. Select the appropriate analytical procedures: Choose the methods and techniques for comparing and analyzing the data.
5. Set the expected results: Establish the expected outcomes based on industry standards, historical data, or other benchmarks.
6. Conduct the analysis: Apply the selected procedures to the gathered data and compare the results with the expectations.
7. Investigate significant variances: Examine any significant deviations or discrepancies between the actual and expected results.
8. Document the findings: Record the analysis, conclusions, and any necessary follow-up actions in the audit documentation.
9. Report the results: Communicate the findings to the relevant stakeholders, such as management or the audit committee.

Who needs analytical procedures in auditing?

1. Analytical procedures in auditing are needed by auditors, both internal and external, to evaluate the reasonableness of financial information and identify potential issues or discrepancies.
2. Management teams can also benefit from analytical procedures as they provide insights into the financial performance, efficiency, and effectiveness of the organization.
3. Regulatory bodies, investors, and stakeholders may also rely on analytical procedures conducted by auditors to assess the overall financial health and reliability of a company.
4. Therefore, anyone involved in financial reporting, decision-making, or oversight processes can benefit from the use of analytical procedures in auditing.

For pdfFiller’s FAQs

How do I make edits in analytical procedures in auditing without leaving Chrome?

Add pdfFiller Google Chrome Extension to your web browser to start editing analytical procedures in auditing and other documents directly from a Google search page. The service allows you to make changes in your documents when viewing them in Chrome. Create fillable documents and edit existing PDFs from any internet-connected device with pdfFiller.

How can I edit analytical procedures in auditing on a smartphone?

You may do so effortlessly with pdfFiller's iOS and Android apps, which are available in the Apple Store and Google Play Store, respectively. You may also obtain the program from our website: https://edit-pdf-ios-android.pdffiller.com/. Open the application, sign in, and begin editing analytical procedures in auditing right away.

How can I fill out analytical procedures in auditing on an iOS device?

pdfFiller has an iOS app that lets you fill out documents on your phone. A subscription to the service means you can make an account or log in to one you already have. As soon as the registration process is done, upload your analytical procedures in auditing. You can now use pdfFiller's more advanced features, like adding fillable fields and eSigning documents, as well as accessing them from any device, no matter where you are in the world.

What is analytical procedures in auditing?

Analytical procedures in auditing are evaluations and analysis of financial information through comparisons, ratios, and trends to identify unusual fluctuations or inconsistencies that may indicate potential errors or fraud.

Who is required to file analytical procedures in auditing?

Auditors are required to perform and document analytical procedures in auditing to obtain assurance about the reasonableness of financial information.

How to fill out analytical procedures in auditing?

To fill out analytical procedures in auditing, auditors must select appropriate analytical procedures, gather financial data, perform comparisons and analyses, and document the results and conclusions.

What is the purpose of analytical procedures in auditing?

The purpose of analytical procedures in auditing is to assist auditors in understanding the client's business, assessing the risk of material misstatements, and providing evidence to support the audit opinion.

What information must be reported on analytical procedures in auditing?

Auditors must report the nature, timing, and extent of analytical procedures performed, the results of the procedures, and any implications for the audit.