Assess Your Understanding about Analytical Procedures
Basically, analytical procedures consist of evaluations of financial information made by an auditor of plausible and expected relationships among both financial and non-financial data. The …
Posts tagged Analytical procedures
Interim Financial Information Review Procedures
SEC requires an interim financial information review before it is filed in a registrant’s quarterly report on Form 10-Q. SAS 100 provides guidance which is …
Substantive Testing: Cash, Receivables, Inventory And Fixed Assets
To form the basis of an opinion on the fairness of the financial statements, the third generally accepted fieldwork standard requires the gathering of sufficient …
Substantive Auditing Tests
Substantive tests performed by the auditor consist of tests of details of transactions and account balances, and analytical procedures. The objective of substantive tests is …
Audit Process for Nonpublic Audits [Step-by-step]
AICPA Professional Standards (AU110) states that “the objective of the ordinary audit of financial statements by the independent auditor is the expression of an opinion …
7 Major Phases of Audit [of Financial Statements]
There are seven phases to be passed through by an auditor in auditing financial statements. They are described in this post. Follow on… Phase-1. …