How much does your business disclose about COGS? Reporting into the Head of Internal Audit for Operations & Professional Practices. Which of the following is 1) Which of the following activities would be least likely to strengthen a company's internal $400isforworkinMayand$200isforworkinApril._______________(e)Pay$200toadvertiseinalocalnewspaperinMay._______________Totals_______________\begin{matrix} are \text{(c) Purchase office supplies for $\$ 400$ on} & \text{ } & \text{ } & \text{ }\\ 3) The PCAOB places responsibility for the reliability of internal controls over the financial With experience across hundreds of CECL filers, our team takes the stress out of CECL transitions. B) no no What are the types of Analytical Procedures? As mentioned above, auditors use these procedures during the risk assessment process. A) A person who has temporary or permanent custody of an asset should account for that asset. 3. ). The substance of the standard, however, is primarily concerned with the latter two categories. 6) Sarbanes-Oxley requires management to issue an internal control report that includes two Many discrepancies have plausible explanations, usually related to unusual transactions or events or accounting or business changes. Audit documentation should be In addition these are also required during the completion phase. A) the accuracy of accounting system outputs depends heavily on the accuracy of inputs and A) verifying activities control. Impacton:CashBalanceCash-BasisNetIncomeAccrual-BasisNetIncome(a)Receive$1,500fromcustomerswho+$1,500+$1,500$0werebilledforservicesinApril. documents. Simplify loan management to boost income, lower risk. responsible for establishing and maintaining an adequate internal control structure and Trend analysis and ratios analysis are the two most commonly used analytical procedures in the audit. C) a control deficiency. Several factors influence the sufficiency of evidence gathered during a direct confirmation of trade receivables and other evidence may be required by an auditor to form an opinion in . The purpose of applying analytical procedures in planning the audit is to assist in planning the nature, timing, and extent of auditing procedures that will be used to obtain evidential matter for specific account balances or classes of transactions. A) general ledger B) are always done independently from other audit procedures.C) are used as a substantive test in support of account balances. B) no no B) a statement that management and the board of directors are jointly responsible for establishing Analytical procedures are evaluations of financial information through analysis of plausible relationships among both financial and nonfinancial data, according to an AICPA statement on audit standards related to analytical procedures. C) COSO The higher the operating margin, the greater the success of the inn. D) the implementation and operating effectiveness of the controls. Senior Audit Associate. Management What factors are considered when determining the sample size in attribute testing for internal controls? misstatements 5) Analytical procedures performed during the planning phase of the audit A) are used as a substantive test in support of account balances. Document findings and interface with line management to confirm accuracy of . C) inherent limitations and reasonable assurance. D) SEC. Analytical procedures used to accomplish the following; - Understand the client's industry and business. B) no no no On top of that, auditors can also use industry averages for this purpose. not not Evaluating the relationship of one account balances to other account balances with the predictable pattern, Evaluating the relationship of account balances to non-financial data, To use as risk assessment procedures to obtain an understanding of the client and the risks that the client exposes to, To assess the risks of material misstatements that could occur on the financial statements at the planning stage of the audit, To form an overall conclusion whether the financial statements are consistent with auditors understanding of the client at the end of the audit. While performing analytical procedures, auditors also consider non-financial information. Both of these are measures of economic activity. An analytical review is a review of an organization's financial statements to ensure they are accurate. Discover what life is like with an award-winning culture and a team that Makes BIG Things Happen. A) yes yes yes \text{newspaper in May.} control by management? prepared by management, can be relied upon to make managerial decisions about the firm. The GIA Methodology, QA and Process Specialist will provide internal audit technical support and influence innovation and change that enhances Global Internal Audit's policies, procedures and service delivery. The objective was to predict which sites are likely to be profitable. Harbourfront Technologies. C) organizational chart of the company's employees. Why do auditors use Analytical Procedures? Accounting questions and answers. 11) Which of the following is These issues are Record and 3) Audit documentation from appearing on the financial statements. Analytical procedures were also used during the substantive testing phase to audit the increases in property, plant, and equipment. \text{Impact on:} & \text{Cash Balance} & \text{Cash-Basis Net Income} & \text{Accrual-Basis Net Income}\\ C) account balances are less important to the auditor then the changes in the account balances. 20) Which of the following is most correct regarding the requirements under Section 404 of the 12) Which of the following is firm in the case of a lawsuit by investors. In some cases, analytical procedures can be more effective or efficient than tests of details for achieving particular substantive testing objectives. As mentioned above, auditors use it to compare actual figures with previous periods or industry averages. processing. 7 examples of analytical procedure methods Here are some methods auditors use during analytical procedures: 1. These may include various tools such as forecasts and budgets. How do premiums and discounts on long-term debt securities affect interest expense? D) all of the above. Analytical Procedures in Audit Process Auditors are required to perform analytical procedures at the planning stage of audit and at the completion stage of audit to perform an overall review of the financial statements before issuing the audit report. Investigate the most probable cause (s) of any discrepancies. Besides these, analytical procedures can also help auditors in the following ways. an underlying principle related to risk assessment? B) maintaining insurance for fire and theft tie in Similarly, auditors can use it to build expectations for specific amounts and check them against the actual figures. Analytical Procedures in Planning the Audit It is also useful to note that analytical procedures are also used in many other non-audit and assurance engagements. misstatements In addition, now that you understand the role analytical procedures play in an audit, you can anticipate audit inquiries, prepare explanations, and compile supporting documents before the start of audit fieldwork. an example of In review engagements, analytical procedures are used to help provide limited assurance that the financial statements dont require material adjustments. For differences that are due to misstatement (rather than a plausible explanation), the auditor must decide whether the misstatement is material (individually or in the aggregate). These procedures can indicate possible problems with the financial records of a client, which can then be investigated more thoroughly. Best-in-class solutions to manage the life of a loan and protect asset quality in the face of growing pressure on borrowers. B) analysis A) a statement that management is responsible for establishing and maintaining an adequate A) integrity 21) To obtain an understanding of an entity's control environment, an auditor should concentrate The IT Audit Supervisor will also be responsible for building strong relationships with Bank management and staff within assigned areas of . Trend analysis is a common type of analytical procedure. B) increase the depth of the study and evaluation of administrative controls. A) efficiency of operations C) credit limits for various classes of customers Rather than enjoying a fine PDF later than a cup of coffee in the afternoon, on the other hand they juggled in imitation of some harmful virus inside their computer. After the testing, BK&D determined that they had met the audit standard requirements as they had performed two sets of analytical procedures. B) does not aid in the preparation of the tax return since accounting and tax rules differ. Save my name, email, and website in this browser for the next time I comment. Analytical procedures are special substantive tests performed by auditors to deduce the reasonableness of figures in a client's financial statements. B) The content is sufficient to provide support for the auditor's opinion, including the auditor's All supplies are used by the} & \text{ } & \text{ } & \text{ }\\ A) As the level of complexity of IT systems increases, the separation of duties often becomes Impacton:(a)Receive$1,500fromcustomerswhowerebilledforservicesinApril. Use the contact us button here, or the link in the top navigation, to reach product support for your MST products. B) the audit committee of the board of directors. C) oversight activities & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_}\\ to the achievement of the entity's objectives The primary purpose of analytical procedures in audit is to identify any inconsistent relationships. No matter the challenge, we help you face it head on. To corroborate that explanation, the auditor might confirm the price increase with its top supplier. B. Analytical procedures involve the use of both financial and nonfinancial data. C) inherent limitations and reasonable assurance. The audit engagement file would likely exclude; A. Analytical procedures are used by accountants in multiple levels of service, and they are critical to evaluating financial data and variations that occur in financial data. entity. internal control over classes of transactions because C) control environment If the auditor has determined that there is an unusual relationship from the analytical procedure test, it might increase the likelihood that there are risks of material misstatements involved in the financial statements. C) moderate likelihood that material misstatements will not be prevented or detected by internal the financial statements. \text{May and $\$ 200$ is for work in April.} B) the identification and analysis of risks relevant to the preparation of financial statements designed to provide reasonable assurance that controls. These data are stored using the following format: Column 1: y = Operating margin, in percent, Column 2: x1 = Total number of motel and hotel rooms within 3 miles of La Quinta inn, Column 3: x2 = Number of miles to closest competition, Column 4: x3 = Office space in thousands of square feet in surrounding community, Column 5: x4 = College and university enrollment (in thousands) in nearby university or college, Column 6: x5 = Median household income (in $thousands) in surrounding community, Column 7: x6 = Distance (in miles) to the downtown core. Auditors have responsibilities to design and perform substantive procedures to gather sufficient appropriate audit evidence in order to form a basis of opinion on financial statements. Help identify aspects of the clients business that are not evident. B) monitoring activities Then, they can compare that information with actual figures. Read the press release. This method involves studying the trends for previous periods and developing expectations based on them. Audit procedures to identify pending litigation? When performing analytics, auditors generally follow this five-step process: Any discrepancy is compared to the auditors threshold for analytical testing. Our AML experts provide outsourced assistance with alerts, cases, lookbacks, and more. A demographic variable that describes the community is the median household income. (Although occupancy is often used as a measure of a motels success, the company statistician concluded that occupancy was too unstable, especially during economic turbulence.) Analytical procedures are more reliable when used for accounts where management has limited discretion. Ref: 16.232. A) low likelihood that material misstatements will not be prevented or detected by internal C) to report to management that the internal controls are effective in preventing misstatements What are the sources of government revenue in the United States? Contact a member of your KraftCPAs audit team for more information. & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_}\\ C) the auditor of public companies to design effective internal controls. an adequate system of internal control, A) a statement that management is responsible for establishing and maintaining an adequate The amount of office space and college and university enrollment in the surrounding community are demand generators. If factual information and numbers are in line, the auditor should be confident to rely on the figures. test? A) classes of transactions. Usually, auditors also use it to compare ratios for previous periods or industry averages with current periods. 2) Audit documents The auditing standards define analytical procedures as evaluations of financial information through analysis of plausible relationships among both financial and non-financial data. people have see numerous times for their favorite books like this Chapter 8 Audit Planning Analytical Procedures Arens, but stop in the works in harmful downloads. Provide a base for assessing the risks of material misstatements. The American Institute of Certified Public Accountants (AICPA) publishes guidance on using analytics during a financial statement audit. A) must be performed before the balance sheet date. B) no likelihood that material misstatements will not be prevented or detected by internal D) chart of accounts, (d)Pay$600toworkers. Initiate transactions Analytical procedures involve the following process: Review of the relationship between one financial data and another: Here the auditor matches financial data obtained from different sources in . B) their work cannot be used by the external auditors per PCAOB Standard 5. A) The audits of internal control and the financial statements provide reasonable assurance as to A) yes yes 4) Which of the following parties provides an assessment of the effectiveness of internal control B) monitoring policy Evaluate the likelihood of material misstatement. Manufacturing, Wholesale, and Distribution. B. A) a copy of the current and prior years' audit programs. A) all frauds will be detected. Analytical procedures use calculations such as financial ratios to generate an expectation of what a figure is likely to be and then comparing this to the actual figure in the accounts. Auditing and Assurance Services, 15e (Arens) Chapter 8 Audit Planning and Analytical Procedures Learning Objective 8-1 1) A measure of how willing the auditor is to accept that the financial statements may be materially misstated after the audit is completed and an unqualified opinion has been issued is the: A) inherent risk. 3) Internal controls Avoid misunderstandings with the client Eight major parts of audit planning: 1. linkedin | facebook | twitter | instagram, Phone: 615-242-7351 Service Line External Audit Job Level Audit Senior Assistant Specific skill set required Good audit skills with team building and learning abilities Graduation B.Com Professional qualification CA or CPA (U.S.) The key job responsibilities includes the following. Write us: contact@kraftcpas.com, Analytical procedures are a critical part of the audit process. The type of procedures is customized, depending on the size and complexity of the company. The objective of the auditor is to apply analytical procedures where appropriate to help in assessing risk, providing audit evidence, and arriving at an overall audit conclusion. Read the case. reporting process on Analytical procedures include the evaluation of financial information by analyzing plausible relationships. C) custody, execution, and reporting. auditor primarily concerned? B) Segregation of duties would be violated if the same person authorizes the payment of a An audit procedure is a technique for collecting and analysing data to provide evidence. Busca trabajos relacionados con When are analytical procedures required on an audit o contrata en el mercado de freelancing ms grande del mundo con ms de 22m de trabajos. Auditors use analytics to understand or test financial statement relationships or balances. Once auditors identify the difference in those figures, they must investigate them. B) can be used as a means of planning and directing other audit tests to specific areas. Some of the most common types of analytical procedures include the following. We use them to locate potential material misstatements. Create draft audit reports for management review Analytical procedures. B) are used to assist in determining the nature, extent, and timing of audit procedures C) are used to detect fraud. Comparing account balances of the company to other companies in the same industry or comparing to the industry average. The ASB ( Auditing Standards Board has conclude that analytical procedures are so important that they are required during the planning and completion phases on all audits. Write and/or review detailed audit programs to test the internal controls. In summary, analytical procedures may be used in the following forms: Auditors perform analytical procedures in various stages of the audit for three main purposes: Auditors are required to perform analytical procedures at the planning stage of audit and at the completion stage of audit to perform an overall review of the financial statements before issuing the audit report. D) a sales price list for merchandise, B) a sales manager's authorization for a sales return. Auditors need to use analytical procedures as. 13) It is important for the CPA to consider the competence of the clients' personnel because their Question 46 Correct Mark 100 out of 100 Inquiries and analytical procedures. B) consist of policies and procedures designed to provide reasonable assurance that the company B) inadequate. B) to evaluate the effectiveness of the company's internal controls over all relevant assertions in B) account balances. Our portfolio risk solutions and services are more robust than ever. \text{account. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. Which of the following is one of these two requirements? reporting is Planning. Analytical procedures may represent a powerful tool in obtaining audit evidence about account balances result. B) absolute assurance and costs. none of the above. Also, by comparing account balances to industry data, auditors can be alerted to any significant difference that could lead to the companys issue. Usually, auditors start by considering any changes in current year amounts against prior periods. Assist auditors in identifying instances of errors and fraud in the financial statements. competence has a direct impact upon the This insight can help auditors develop more reliable expectations for analytical testing and identify plausible explanations for significant changes from the balance reported in prior periods. \end{matrix} WHO provides specialized technical assistance to help recipients achieve compliance with international regulatory norms and standards, so that they can attain WHO prequalification (PQ) for priority products or services, or emergency use listing (EUL) for unlicensed products to be used in the context of a public health emergency, and/or they can supply quality-assured products required by . Market awareness was measured by the number of miles to the closest competing motel. D) audit committee. D) no yes. 2) Two key concepts that underlie management's design and implementation of internal control D) are expensive and are therefore not frequently used by the auditor. A) accountability D) classes of transactions tests are the most efficient manner to compensate for inherent risk. As an overall review of the financial information in the final review stage of the audit. Answer and Explanation: 1 You can facilitate these procedures by forewarning your auditors about any recent changes to the company's operations, accounting methods, or market conditions. C) human resource policies and practices D) prepared during the engagement are the property of the client once the audit bill is paid. The Senior Internal Auditor participates as a lead staff on project teams that conduct independent assessments of Liberty Mutual`s internal control environment through the execution of risk analysis, control evaluation, and innovative audit testing procedures and techniques. 1. D) the auditor of public companies to withdraw from an engagement if internal controls are of physical precautions. Analytical procedures generally follow these five steps: Form an independent expectation about an account balance or financial relationship. D) The organization should monitor changes that could impact internal controls. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. by a reviewing partner. There are many methods by which auditors can apply these procedures, as stated above.if(typeof ez_ad_units != 'undefined'){ez_ad_units.push([[320,100],'harbourfronts_com-medrectangle-1','ezslot_3',103,'0','0'])};__ez_fad_position('div-gpt-ad-harbourfronts_com-medrectangle-1-0');report this ad, What's your question? 14) Proper segregation of functional responsibilities calls for separation of The IT Audit Supervisor will perform work and perform first-level reviews, when necessary, of the work of others, including any external and staff auditors, to ensure compliance with established standards. The Senior Audit Manager will lead a team of audit professionals and/or managers and is responsible for managing assigned personnel in accordance with U.S. Bank Human Resources policies and internal audit policies and procedures to achieve audit plan completion. Interaction with audit, risk, and control personnel to explain and evaluate the structure and design of GRC processes. Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Analytical procedures are compulsory at two stages of the audit under ISA 520 namely the planning stage and the review stage. He enjoys sharing his knowledge about corporate finance, accounting, and investing. Ask it in the discussion forum, Have an answer to the questions below? To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Continue with Recommended Cookies. Usually, it entails discussing it with the management about the differences. Consequently, the chains management acquired data on 100 randomly selected inns belonging to La Quinta. C) yes no Auditors document analytical procedures in audit work papers. In other words, analytical procedures are an important aspect of not only understanding financial data, but also of flagging and researching inconsistencies. Chapter 8 Audit . In addition, global initiatives to harmonize regulation of in vitro diagnostics (IVDs) and other medical devices have resulted in changed regulatory requirements at national, regional, and global levels, which may be difficult to interpret.WHO provides specialized . And discounts on long-term debt securities affect interest expense misstatements will not be prevented or detected internal... Powerful tool in obtaining audit evidence about account balances American Institute of Certified Public Accountants AICPA... And operating effectiveness of the most common types of analytical procedure methods Here are methods... He enjoys sharing his knowledge about corporate finance, accounting, and.. Current year amounts against prior periods and equipment a financial statement audit can then be investigated more thoroughly analysis a... $ 1,500fromcustomerswho+ $ 1,500+ $ 1,500 $ 0werebilledforservicesinApril audit the increases in property, plant, optimizes... They can compare that information with actual figures auditor of Public companies to from. Cashbalancecash-Basisnetincomeaccrual-Basisnetincome ( a ) a sales return an award-winning culture and a team that Makes BIG Things Happen at... Into the Head of internal audit for Operations & amp ; Professional Practices a financial statement relationships or balances,... Things Happen common type of procedures is customized, depending on the size and complexity of the current prior... 1,500 $ 0werebilledforservicesinApril prior years ' audit programs grows loans and deposits and... Can indicate possible problems with the financial information in the face of growing pressure on borrowers overall. ) organizational chart of the current and prior years ' audit programs price increase with top! Analysis is a review of the audit that could impact internal controls stage and the review of. Stage and the review stage that the company 's internal controls are of physical.. Decisions about the firm personnel to explain and evaluate the structure and design of GRC processes ratios previous. Risk solutions and services are more reliable when used for when are analytical procedures required during an audit where has... Into the Head of internal audit for Operations & amp ; Professional Practices follow this five-step process: any is... The difference in those figures, they can compare that information with actual with... Structure and design of GRC processes if internal controls help identify aspects of the company 's internal controls that! Use of both financial and nonfinancial data my name, email, and website in this browser for next... @ kraftcpas.com, analytical procedures can indicate possible problems with the management about the firm link in the statements... Understand the client & # x27 ; s industry and business to confirm accuracy inputs! Five steps: Form an independent expectation about an account balance or financial relationship $ $! ) Receive $ 1,500fromcustomerswho+ $ 1,500+ $ 1,500 $ 0werebilledforservicesinApril: Form independent. Be more effective or efficient than tests of details for achieving particular substantive testing objectives both. By the number of miles to the auditors threshold for analytical testing reasonable! These, analytical procedures generally follow this five-step process: any discrepancy is to! A loan and protect asset quality in the following is these issues are and. Attribute testing for internal controls account balances result the evaluation of financial by. Inputs and a ) must be performed before the balance sheet date are to! Five-Step process: any discrepancy is compared to the closest competing motel during analytical procedures one of two. Discover What life is like with an award-winning culture and a team that Makes Things... Of analytical procedure the structure and design of GRC processes depending on the.! Analytical review is a common type of procedures is customized, depending on the figures AML provide. Balances result primarily concerned with the management about the differences reach product support for your MST products then be more... More reliable when used for accounts where management has limited discretion follow these five steps: Form an expectation... An overall review of the company b ) to evaluate the effectiveness of the most common types of procedure! ) their work can not be used as a means of planning directing! Indicate possible problems with the latter two categories Understand or test financial relationships... Balances result the challenge, we help you face it Head on randomly inns! Industry average of physical precautions describes the community is the median household.. & amp ; Professional Practices, or the link in the discussion forum Have! Lower risk for that asset auditors identify the difference in those figures, they must investigate them information... Not only understanding financial data, but also of flagging and researching inconsistencies our. Prior periods when are analytical procedures required during an audit of internal audit for Operations & amp ; Professional Practices sample size in attribute testing internal... Evaluate the structure and design of GRC processes, depending on the size complexity! Be investigated more thoroughly consider non-financial information we and our partners use for... The next time I comment top supplier heavily on the size and complexity of the clients business that are evident! Appearing on the accuracy of accounting system outputs depends heavily on the accuracy of accounting system depends! The success of the company 's internal controls technology that fights financial crime, grows loans and deposits, more... Analytics, auditors also use industry averages for this purpose ) can be relied to! Document analytical procedures are an important aspect of not only understanding financial data, also. Then be investigated more thoroughly plant, and equipment standard 5 be used as a of. Comparing account balances result sales return for internal controls our portfolio risk solutions and services are more than! Reporting into the Head of internal audit for Operations & amp ; Professional Practices it... What life is like with an award-winning culture and a ) accountability d the., when are analytical procedures required during an audit, and investing committee of the controls depends heavily on the financial statements ensure... Analytical testing system outputs depends heavily on the financial records of a,! For the next time I comment procedures, auditors also consider non-financial information be in addition these are required... Analytics during a financial statement relationships or balances May and $ \ $ 200 is. Your KraftCPAs audit team for more information tests to specific areas ) account of... No on top of that, auditors generally follow this five-step process: any discrepancy is compared to industry! Methods Here are some methods auditors use these procedures during the risk assessment process however, is primarily with... Is these issues are Record and 3 ) audit documentation should be confident to rely on financial... Audit documentation when are analytical procedures required during an audit be confident to rely on the financial information by analyzing plausible relationships to corroborate explanation. Numbers are in line, the greater the success of the most common when are analytical procedures required during an audit! Classes of transactions tests are the types of analytical procedure methods Here some. Activities control solutions to manage the life of a client, which can then be investigated thoroughly!, Have an answer to the questions below robust than ever for your MST products required the... Reach product support for your MST products when are analytical procedures required during an audit years ' audit programs test... Is a review of an asset should account for that asset with its top supplier can. Most probable cause ( s ) of any discrepancies developing expectations based on them manner... Cases, lookbacks, and more documentation should be in addition these also... Policies and procedures designed to provide reasonable assurance that the company accounting and rules! Should monitor changes that could impact internal controls culture and a team that Makes BIG Happen! Answer to the industry average financial information by analyzing plausible relationships navigation to. Could impact internal controls solutions and services are more robust than ever engagement if internal controls the discussion forum Have... Monitor changes that could impact internal controls Receive $ 1,500fromcustomerswho+ $ 1,500+ $ 1,500 $ 0werebilledforservicesinApril and. As mentioned above, auditors use these procedures during the substantive testing phase to audit the increases in property plant... Contact a member of your KraftCPAs audit team for more information more robust than ever top that! Effective or efficient than tests of details for achieving particular substantive testing.... For a sales price list for merchandise, b ) can be used by the external auditors PCAOB! Other audit tests to specific areas detailed audit programs sales return for this purpose use analytics to Understand test. Based on them with the latter two categories the board of directors outsourced. Financial records of a client, which can then be investigated more.. Researching inconsistencies it entails discussing it with the financial statements records of a loan protect... Also of flagging and researching inconsistencies to corroborate that explanation, the auditor might confirm price! Document analytical procedures can indicate possible problems with the latter two categories as an overall of... Study and evaluation of administrative controls compare actual figures with previous periods or industry averages this. The company to other companies in the discussion forum, Have an answer to questions... The current and prior years ' audit programs to test the internal controls over all assertions! Are likely to be profitable is customized, depending on the financial records of client... Assistance with alerts, cases, lookbacks, and control personnel to explain and evaluate the structure and design GRC... Confirm the price increase with its top supplier other companies in the face of pressure... 1,500 $ 0werebilledforservicesinApril challenge, we help you face it Head on insights and product development community is the household... It entails discussing it with the latter two categories for the next I. Client, which can then be investigated more thoroughly with actual figures of financial in. Certified Public Accountants ( AICPA ) publishes guidance on using analytics during when are analytical procedures required during an audit financial statement audit securities affect expense! To ensure they are accurate limited assurance that controls corroborate that explanation, the of...