Question

To be effective, analytical procedures in the overall review stage of an audit engagement should be performed by:
a. A manager or partner who has a comprehensive knowledge of the client's business and industry.
b. The staff accountant who performed the substantive auditing procedures.
c. The managing partner who has responsibility for all audit engagements at that practice office.
d. The CPA firm's quality control manager or partner who has responsibility for the firm's peer review program.
Answer: a. A manager or partner who has a comprehensive knowledge of the client's business and industry.

Answer 1

To be effective, analytical procedures in the overall review stage of an audit engagement should be performed by a manager or partner who has a comprehensive knowledge of the client's business and industry.

What are Analytical Procedures?

One kind of evidence that is employed in audits is analytical procedures. These techniques may reveal potential issues with a client's financial records, which can then be more carefully looked at. Different sets of financial and operational data are compared as part of analytical procedures to see whether past linkages have persisted into the review period. These connections ought to hold true throughout time in most situations. If not, it could mean that the client's financial records are inaccurate, perhaps as a result of mistakes or fraudulent reporting activity.

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