April 2022
Intermediate to advanced
1056 pages
34h 59m
English
Content preview from Wiley Practitioner's Guide to GAAS 2022
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19AU-C 520 Analytical Procedures
SCOPE
AU-C 520 provides guidance on using analytical procedures as substantive procedures and at the end of the audit.
AU-C 315 addresses the use of analytical procedures in risk assessment when planning the audit, and AU-C 330 addresses the nature, timing, and extent of procedures in response to assessed risk. Those procedures may include substantive analytical procedures. (AU-C 520.01)
DEFINITION OF TERM
Source: AU-C 520.04. For the definition related to this standard, see Appendix A, “Definitions of Terms”: Analytical procedures.
OBJECTIVES OF AU-C SECTION 520
The objectives of the auditor are to:
- obtain relevant and reliable audit evidence when using substantive analytical procedures and
- design and perform analytical procedures near the end of the audit that assist the auditor when forming an overall conclusion about whether the financial statements are consistent with the auditor's understanding of the entity.
(AU-C Section 520.03)
OVERVIEW
HOW TO USE ANALYTICAL PROCEDURES
As Substantive Procedures
The auditor may, but is not required to, use analytical procedures as a substantive test. When used as a substantive test, the objective of analytical ...
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