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One of the ways to perform a more effective and efficient audit is to maximize the use of substantive analytic procedures in the detailed audit plan. This module will provide the tips and best practice techniques for strengthening substantive analytic procedures in order to reduce over-reliance on tests of details.

Major Topics:

  • How analytic procedures enhance audit quality
  • Elements of strong analytic procedures
  • Selecting the proper analytic, and altering the strength for the intended purpose
  • Disaggregating data to make more informed expectations
  • Evaluating the data used in generating expectations, including corroborating inquiry
  • Improving documentation, including evaluating sufficiency and appropriateness of the audit evidence obtained
  • Resolving significant differences resulting from analytic procedures and concluding on audit results

 

Learning Objectives

  • Discover and learn how analytic procedures can enhance audit quality.
  • Explore and explain elements of strong analytic procedures that can eliminate or mitigate the need for extensive tests of details.
  • Identify and describe tips for improving documentation of the design, documentation and evaluation of substantive analytic procedures.
  • Discover and discuss factors impacting the development of expectations and evaluation of results of substantive analytic procedures.
Last updated/reviewed: June 21, 2021

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Level 2 - Experienced Staff

  1. Fraud Risk - Complying with Minimum Audit Requirements
  2. Best Practices for Identifying and Evaluating Audit Risk - Linking Risk to the Detailed Audit Plan
  3. Testing Internal Controls - Exploring Strategies for Verifying Operating Effectiveness
  4. Inquiry and Research - Improving Critical Audit Skills
  5. Auditing Investments - Understanding Risks and Procedures for the Most Common Investments
  6. Auditing Accounts Receivable - Focusing Procedures for Testing Existence and Valuation
  7. Auditing Liabilities, Including Long-Term Debt - Addressing the Risks of Completeness, Classification, and Disclosure
  8. Substantive Analytic Procedures - Strengthening Evidence to Satisfy Audit Objectives
  9. Sampling - Avoiding Common Mistakes on Financial Statement and Compliance Audits
  10. Desired Traits of a Star Performer - Visualizing How to Become an Exceptional Staff Auditor
  11. Professional Requirements for Assurance Providers, Including Independence - Understanding Critical Code of Professional Conduct Concepts
  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

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.
Designed For: Accountants responsible for strengthening analytic procedures for a more effective and efficient audit.

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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  7:14Learning Objectives and Introduction to Substantive Analytical Procedures
  6:43Value of Substantive Analytics
  6:09Required Approach to Substantive Analytics
  11:33Differentiating Between Analytics Used on An Audit Vs. a Review Engagement
  7:33Strengthening Substantive Analytics
  12:40Improving Expectations
  10:53Exercise on Improving the Quality of Substantive Analytics
  8:14Improving Documentation of Substantive Analytics
  12:30Case Study-Testing Reasonableness of Revenues
  5:24Corroborating Inquiry
  11:50Evaluating Results
CONTINUOUS PLAY
  1:40:43Substantive Analytic Procedures - Strengthening Evidence to Satisfy Audit Objectives
SUPPORTING MATERIAL
  PDFSlides: Substantive Analytic Procedures - Strengthening Evidence to Satisfy Audit Objectives
  PDFSubstantive Analytic Procedures - Strengthening Evidence to Satisfy Audit Objectives Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM