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The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements full-text: April 1991 66: Communication of Matters About Interim Financial Information Filed or to Be Filed with Special Regulatory Agencies-An Amendment to SAS No. 36: Review of Interim Financial Information full-text: June 1991 67
Analytical procedures include comparison of financial information (data in financial statement) with prior periods, budgets, forecasts, similar industries and so on. It also includes consideration of predictable relationships, such as gross profit to sales, payroll costs to employees, and financial information and non-financial information, for examples the CEO's reports and the industry news.
Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged. Several organizations have developed such sets of principles, which vary by territory.
A project audit provides an opportunity to uncover issues, concerns and challenges encountered during the project lifecycle. [20] Conducted midway through the project, an audit affords the project manager, project sponsor and project team an interim view of what has gone well, as well as what needs to be improved to successfully complete the ...
Only the higher risk controls will likely require roll-forward testing under the new guidance. PCAOB AS5 indicates that inquiry procedures, regarding whether changes in the control process occurred between the interim and year-end period, may be sufficient in many cases to limit roll-forward testing.
The final publication of the Committee on Auditing Procedure, Codification of Auditing Standards and Procedures 1, [9] superseded SAPs 33-54. The Statement is now known as Statement on Auditing Standards, no. 1, and began a series of Statements on Auditing Standards (SASs) that are still being issued by the Auditing Standards Board.