New Staff: Practical Application - Introduction to Analytical Procedures in an Audit

Overview

This CPE course can be purchased individually or as part of the Audit Staff Essentials - New Staff: Practical Application staff training bundle.

Learn key techniques and requirements regarding analytical procedures, which are one of the component audit procedures identified in the audit risk model and universally applied in every audit.

Understand how - with the entire engagement team involved in the design, performance, and evaluation of analytical procedures -the procedures can be an effective trap for fraud and error and can provide audit evidence.

As new staff, you will often be involved in the computational aspects of analytics. Understand how this close work may allow you to bring important insights and issues to light.

Highlights

Key Topics

• When analytics are applied in an audit
• Review of the audit risk model
• Considerations when using analytics, including expectations, source information, and risk
• Explanations of analytical findings
• Increasing the value of analytics
• Quantitative techniques
• Final analytical procedures
• Common quality issues

Prerequisites

None

Designed For

Who Will Benefit

• Recently onboarded staff
• First-year staff
• Firms that want consistent training and level setting

Objectives

Learning Outcomes

• Identify the situations in which analytical procedures are required by auditing standards.
• Recognize how the contribution of substantive analytical procedures is assessed and how to enhance their effectiveness.
• Recognize common quality issues in analytical procedures.
• Identify the considerations of analytical procedures over revenue accounts.