Why are analytical procedures a required step in audit planning?

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing and Assurance Services Understanding the Integrated Audit

ISBN: 978-0471726340

1st edition

Authors: Karen L. Hooks

See More Books

Question Posted: Jan 21, 2015 10:25 AM

See More Questions

Why are analytical procedures an important part of the planning process?
Why are analytical procedures of limited use in the audit of the cash balance?
Why are analytical procedures used in the planning stages? Why are they used again near the end of the audit?
Use the data in Exercise 13.28.To familiarize yourself with recursive least squares, estimate the savings functions for 19701981, 19701985, 19701990, and 19701995. Comment on the stability of...
Carbon monoxide, CO, and oxygen, O2, react according to 2CO(g) + O2(g) 2CO2(g) Assuming that the reaction takes place and goes to completion, determine what substances remain and what their partial...
Do you think that triple bottom line reporting can actually lead to separate bottom lines for the social, environmental and economic performance of an entity? Explain your view.
Civil disorders. The years around 1970 brought unrest to many U.S. cities. Here are government data on the number of civil disturbances in each 3-month period during the years 1968 to 1972. Period...
CAF Company sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the credit customers have taken...
Find the standard deviation for the grouped data
By what amount will the market value of a Treasury bond futures contract change if interest rates rise from 5 to 5.25 percent? The underlying Treasury bond has a duration of 10.48 years and the...
Why would the auditor want to inform management of problems with internal control as early as possible, so that remediation can be performed as early as possible?
The following terms are important in an integrated audit. Explain what they mean in the context of an audit and how/why they are related.
A car dealership estimates that the total weekly sales of its most popular model is a function of the cars list price, p, and the interest rate in percent, i, offered by the manufacturer. The...
Antismoking advocates cheered in the summer of 1997 when the U.S. tobacco industry agreed to pay out more than U.S. $$368.5$ billion to settle lawsuits brought by forty states seeking compensation...
Generate the full set of clauses for the map-coloring graph in Figure 8.1. Resolve these clauses to prove that a three-coloring solution does exist for the graph. data from figure 8.1 A B C D
To test $H_{0}: \mu=80$ versus $H_{1}: \mu <80$, a simple random sample of size $n=22$ is obtained from a population that is known to be normally distributed. (a) If $\bar{x}=76.9$ and...
Check that there are at least $2\left(\begin{array}{c}n \\ 3\end{array} ight)$ different hierarchical models which contain all twoway interaction terms for an $n$-way contingency table.
A cam with $30 \mathrm{~mm}$ as minimum diameter is rotating clockwise at a uniform speed of $1200 \mathrm{rpm}$ and operates a roller follower of $10 \mathrm{~mm}$ diameter as given below: (i)...
QUERON PLC expects to borrow at an average rate of 12% during the next five years. Interest payments will be tax-deductible and tax payments are quarterly with an average time lag of nine weeks....
Listed below are several terms and phrases associated with basic assumptions, broad accounting principles, and constraints. Pair each item from List A (by letter) with the item from List B that is...
What is the magnetic field at the center of the loop in Figure P24.17? Figure P24.17 2.0 cm 5.0 A
The following audit procedures were performed to address presentation and disclosure-related audit objectives related to notes payable. 1. The schedule of notes payable in the footnotes includes all...
Your client, Red Horse, Inc., prepared the following schedule for long term debt for the audit of financial statements for the year ended December 31, 2013: Required a. What type of evidence would...
The following covenants are extracted from the indenture of a bond issue. The indenture provides that failure to comply with its terms in any respect automatically makes the loan immediately due (the...
Flexible manufacturing places new demands on the management accounting information system and how performance is evaluated. In response, a company should a. institute practices that reduce switching...
Revenue and expense items and components of other comprehensive income can be reported in the statement of shareholders' equity using: U.S. GAAP. IFRS. Both U.S. GAAP and IFRS. Neither U.S. GAAP nor...
Kirk and Spock formed the Enterprise Company in 2010 as equal owners. Kirk contributed land held an investment ($50,000 basis; $100,000 FMV), and Spock contributed $100,000 cash. The land was used in...

Why are analytical procedures a required step in audit planning?

Question:

Step by Step Answer:

Analytical procedures can give the auditor a big picture view of ...View the full answer

Auditing and Assurance Services Understanding the Integrated Audit

Students also viewed these Auditing questions