DESCRIPTION
This module will help participants identify the types of analytical procedures relevant on an audit, as well as what role each type plats. The AICPA’s 4-phase approach to performing analytical procedures is discussed, with a deep emphasis on the importance of developing high-quality expectations. Through active learning activities participants will critically analyze example analytical procedures and identify opportunities for improvement. Additionally, classroom discussions will allow participants to consider how digital fluency, data-driven problem solving, and analytical vigilance can be applied to further enhance substantive analytical procedures.
LEARNING OBJECTIVES
- Describe three purposes or uses of analytical procedures on audits
- Create and document high-quality expectations for preliminary and substantive analytical procedures, including assessing the reliability, completeness, and relevance of data sources used in analytical procedures
- Evaluate whether data quality, level of disaggregation, and overall design of a substantive analytical procedure are appropriate for the assessed risk
