ISA 520 - Analytical Procedures
4 Hours ,27 Nov 2023,10:00 AM-2:00 PM
INTERNATIONAL STANDARD ON AUDITING 520 ANALYTICAL PROCEDURES
Overview:
This International Standard on Auditing (ISA) deals with the auditor’s
use of analytical procedures as
substantive procedures (“substantive analytical
procedures”). It also deals
with the auditor’s
responsibility to perform
analytical procedures near
the end of
the audit that assist the auditor
when forming an overall
conclusion on the financial
statements.
ISA 315 (Revised)1 deals with the use
of analytical procedures
as risk assessment
procedures. ISA 330
includes requirements and
guidance regarding the
nature, timing and
extent of audit
procedures in response
to assessed risks;
these audit procedures may include substantive analytical procedures
Objective:
The objectives of the auditor
are:
(a)To obtain relevant and reliable audit evidence when using substantive analytical procedures
(b)To design and perform analytical procedures near the end of the audit that assist the auditor when forming an overall conclusion as to whether the financial statements are consistent with the auditor’s understanding of the entity.
