Analytical procedures evaluate financial information through examination of plausible relationships among both financial and non-financial data. They also encompass such investigation, when necessary, of the identified fluctuations or relationships that are inconsistent with other relevant information or that differ from expected values by a significant amount.
• Recognize financial statement areas where analytical procedures can be used
• Detemine the appropriate procedures to perform and which financial ratios
and benchmarks to evaluate in consideration of the company’s industry
statistics and the economic environment
• Identify the circumstances when additional investigation of the results of
the procedures is required
• Review of the appropriate audit and review standards
• Identifying appropriate analytical procedures in the circumstances
• Developing expectations
• Designing and performing analytical procedures
• Investigating results of the procedures performed
• Introduction to data analytics
Accountants and CPAs that perform audit and review engagements
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