Designing and Using Effective Analytical Procedures

Jane Bowen; Kenneth Caplan

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Properly designed and performed analytical procedures are efficient and powerful means of obtaining assurance about financial statement items in review and audit engagements. The use of analytical procedures enables the practitioner to identify matters of concern quickly, meet the professional standards required for each engagement and select other appropriate procedures as required. Designing and Using Effective Analytical Procedures helps the practitioner take full advantage of the power of analytical procedures in the following ways: It gives an overview of the professional standards related to analytical procedures and guidance on developing appropriate analytical procedures to obtain various levels of assurance about financial statement items. It presents numerous case studies, based on actual medium-size businesses and accompanied by commentary, to illustrate ways of using various types of information to develop expectations to detect material misstatements and how to deal with differences between expected and actual results revealed by analytical procedures. Designing and Using Effective Analytical Procedures will help the practitioner assess if the analytical procedures are used appropriately and provide a strong reminder of the importance of the documentation process.


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Taxation Law


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