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Category: Business and Industry
Date Submitted: 03/21/2012 06:31 PM
analytical Procedures
c a S eS inc lu de d in t hiS Se ction
8
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8.1 Laramie Wire Manufacturing 8.2 Northwest Bank
239 245 251
Using Analytical Procedures in Audit Planning
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Developing Expectations for Analytical Procedures
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8.3 Burlingham Bees
Using Analytical Procedures as Substantive Tests
ot h e r c aSe S t h at diScuSS topicS rel ated to thiS Section 1.1 Ocean Manufacturing, Inc. . . The New Client Acceptance Decision
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2.3 Flash Technologies, Inc. . . . . . . . Risk Analysis and Resolution of Client Issues
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instructor resource Manual — do not coPy or redistribute
instructor resource Manual — do not coPy or redistribute
laramie wire Manufacturing
inS tr uc t ional o b je c t ive S
[1]
c a s e
8.1
using analytical Procedures in audit Planning
Mark S. Beasley · Frank A. Buckless · Steven M. Glover · Douglas F. Prawitt
[2]
To help students understand the three audit stages when analytical procedures are typically used. To illustrate, using an example based on an actual situation, how powerful “planning analytics” can be in helping the auditor identify risks and potential problem areas requiring further substantive test in the audit.
[3] [4]
To develop students’ understanding of the use of analytical procedures in the audit planning stage. To illustrate the potential usefulness and importance of considering non-financial information when conducting analytical procedures in the planning stage.
KEY FACTS
The auditor is required to use analytics in the planning and final review stages of an audit, and is encouraged—though not required—to use analytics as substantive tests in the evidence gathering stage. In the planning stage, analytics are used to help the auditor...