Analytical work, Auditing

Auditor performs analytical work only at the end of the audit.

Ans: I disagree with the statement because:

i) Analytical work/procedures are used to obtain an understanding of the entity and its environment;

ii) It can be used as substantive procedure in reducing the risk of material misstatement at the assertion level to an acceptably low level;

iii) And in the end as an overall review of the financial statements at the end of the audit.

Posted Date: 3/16/2013 3:42:47 AM | Location : United States







Related Discussions:- Analytical work, Assignment Help, Ask Question on Analytical work, Get Answer, Expert's Help, Analytical work Discussions

Write discussion on Analytical work
Your posts are moderated
Related Questions
Presentation and Disclosure - Audit of Accounting Estimates An enterprise should involve the following information relating to a discontinuing operation in its financial state

Accounting Principles and Policies The user of the accounts expects that the accounting principles and policies used will be in conformity with IAS, be generally accepted, be

Beneficial Ownership - Audit Process We have to examine documents of title as e.g. title motor vehicles, deeds and log books.  Whether there are no implied ownership can suffi

B. The following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Code ha

Using the 30 September 2011 trial balance (appendix to this case study) calculate planning materiality and include the justification for the basis that you have used for your calcu

AUDIT RISK As we have seen many parties rely on the audit opinion to make decisions, and therefore it is now a well established fact that if the auditor gives an audit opinion

The Need for an Audit If you take an example of a modern large liability company, we can clearly distinguish between the providers of funds and those who control those funds. The

Current Audit File The current audit file may involve inter alia: a) A copy of the audited financial statements and other report prepared such as a conclusion of audit work

Ask You are the senior auditor assigned to the team performing an audit for Restorative Pharmaceutical Corporation (RPC), a 10-year-old publicly held corporation listed on the New

Key Audit Areas - Building Society 1. The auditor must examine the process for checking deeds on receipt from the lawyers to ensure such they are complete in accordance along