Properly designing, documenting, and evaluating results of analytic review procedures is critical for performing an effective and efficient audit engagement. This module will provide the tips and techniques necessary to gather sufficient appropriate audit evidence to support conclusions using analytic procedures common to financial statement audits.

Major Topics:

  • Identifying risk of material misstatement through preliminary analytic review procedures
  • Ensuring sufficient appropriate audit evidence is gathered through final overall analytic review
  • Establishing expectations for analytic procedures
  • Properly designing, documenting and evaluating the results of substantive analytic review procedures
  • Disaggregating substantive analytics for stronger results
  • Factors impacting the design of substantive analytic procedures
  • Common pitfalls in performing substantive analytic procedures

 

Learning Objectives
  • Identify and link preliminary analytic review results to assessed risk of material misstatement.
  • Explore and perform final overall analysis of audit results.
  • Recognize audit standard requirements, including minimum documentation for substantive analytic procedures.
  • Discover and design typical substantive analytical procedures.
  • Identify quality control deficiencies in substantive analytic procedures.
Last updated/reviewed: March 25, 2024

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Certification - Level 1 - Beginning Staff

  1. Professional Skepticism - Creating a Mindset for Finding Fraud and Error
  2. Audit Documentation - Creating Workpapers That Pass Review
  3. Adapting to the Engagement - Differentiating the Requirements of Preparations, Compilations, Reviews, and Audits
  4. The Audit Risk Model - Understanding Foundational Principles
  5. Internal Control Fundamentals - Satisfying Audit Requirements for Evaluating Design and Implementation
  6. Auditing Cash - Applying Basic Skills to the Starting Point of Any Audit
  7. Auditing PP&E, Including Leases under Topic 842 - Digesting the Risks of Improper Treatment of Tangible Long-Lived Assets
  8. Auditing Inventory - Performing Required Observations and Other Common Procedures
  9. Analytical Procedures - Comprehending Financial Statement Audit Fundamentals
  10. Audit Reporting Fundamentals - Introducing Core Concepts in the Audited Financial Statement Drafting and Issuance Process
  11. AICPAs Code of Professional Conduct - Exploring the Foundational Principles Underlying the CPA Profession as a Whole
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services
13 Reviews (43 ratings)

Reviews

5
Anonymous Author
Good primer for new auditors preparing analytical reviews
5
Anonymous Author
Analytical procedures was a difficult are for me when I first started in the auditing field, and this course has helped me become better and understand the analytical procedures better.
5
Anonymous Author
Great course, really helped me better think through what I need to do as an auditor in developing expectations and executing analytical procedures.
5
Anonymous Author
I enjoyed the technical foundation of the course. I would recommend it those needing a refresher or introduction to analytical procedures.
5
Anonymous Author
This course was excellent. I learned a great deal. I appreciate courses such as this because it will help me grow within my career.
1
Member's Profile
The presentation kept stopping making it difficult to follow. Several questions were not covered in her presentation.
5
Anonymous Author
Good course with detailed examples.
5
Anonymous Author
The course is highly recommended for the understanding of the objective of analytical procedures by new staff.
5
Member's Profile
tough course but very strong. Jennifer is an excellent teacher for the subject matter, exceptional.
5
Anonymous Author
This course was useful and the information was helpful. I would recommend this course to others.
5
Anonymous Author
great course, very clear and easy to understand. would definitely recommend to my peers!
5
Anonymous Author
I feel confident in knowing the audit fundamentals to F/S thanks to this course!
3
Anonymous Author
Good overall review of analytical procedures of a financial audit
show all reviews
Prerequisites
Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed for this course.
Designed For: Accountants responsible for performing basic analytic procedures on audit engagements.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Learning Objectives for Analytical Procedures0:59
  Overview 9:51
  Preliminary Analytic Review22:13
  Case Study-Linking Preliminary Analytics to Specified Identified Risks12:15
  Final Analytic Review3:29
  Substantive Analytic Procedures8:48
  Typical Analytical Procedures4:36
  Required Elements for Substantive Analytic Procedures4:46
  Minimum Documentation Requirements7:06
  Understanding The Factors That Impact an Account13:48
  Evaluating Differences4:58
  Conclusion5:36
Continuous Play
  Analytical Procedures - Comprehending Financial Statement Audit Fundamentals1:38:24
Supporting Materials
  Slides: Analytical Procedures - Comprehending Financial Statement Audit FundamentalsPDF
  Analytical Procedures - Comprehending Financial Statement Audit Fundamentals Glossary/IndexPDF
Review And Test
  REVIEW QUESTIONSquiz
 FINAL EXAMexam