ISA 520 Analytical Procedures explain the concept of analytical procedures and its uses throughout the audit.

Required:

(i) What is meant by the term analytical procedures (1 mark)

(ii)What are the different types of analytical procedures available to the auditor (3 marks)

(iii) Identify and explain THREE (3) opportunities for using analytical procedure during the different stages of the audit, including how the auditor may use such information derived from the analysis. (3 marks)

(iv) Outline THREE (3) important factors to consider in using analytical procedure as a substantive test (3 marks)