Audit analytical procedures 1. Develop audit procedures for the use of analytica

Question

Audit analytical procedures

1. Develop audit procedures for the use of analytical procedures in the planning phase to identify significant changes in operating and financial activities of the firm over previous years

2. Develop audit procedures for the use of analytical procedures in the completion phase to identify significant relationships in operating and financial activities of the firm to ascertain if there is consistency and that sufficient evidence has been gathered to explain changes in relationships when compared to previous years

3. Identify limitations of using analytical procedures in the audit process

4. Identify benefits of using analytical procedures in the audit process

Explanation / Answer

Audit procedures for the use of analytical procedures in the planning phase:

Audit procedures for use of analytical procedures in completion phase:

Advantages of analytical procedures

Disadvantages of analytical

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