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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.
It serves to guide the auditor on obtaining audit evidence through the application of an appropriate mix of tests of control systems and substantive tests of transaction and balances. It requests the auditor to obtain 'sufficient' and 'appropriate' audit evidence in order to draw reasonable conclusions on which to base the audit opinion.
Substantive procedures (or substantive tests) are those activities performed by the auditor to detect material misstatement at the assertion level. [1]Management implicitly assert that account balances and disclosures and underlying classes of transactions do not contain any material misstatements: in other words, that they are materially complete, valid and accurate.
At this stage, if the auditor accept the CR that has been set at the phase I and does not want to reduce the controls risk, then the auditor may not perform test of control. If so, then the auditor perform substantive test of transactions. This test determines the amount of work to be performed i.e. substantive testing or test of details. [27]
Performance audit refers to an independent examination of a program, function, operation or the management systems and procedures of a governmental or non-profit entity to assess whether the entity is achieving economy, efficiency and effectiveness in the employment of available resources.
The Employment Standards Administration (ESA) was the largest agency within the U.S. Department of Labor.Its four subagencies enforced and administered laws governing legally mandated wages and working conditions, including child labor, minimum wages, overtime pay, and family and medical leave; equal employment opportunity in businesses with federal contracts and subcontracts; workers ...
Analytical procedures in magnetostratigraphy, a geophysical technique used for rock dating; Analytical procedures used in statistical geography; Procedures used in environmental systems analysis, describing human impacts on the environment to support decisions and actions aimed at perceived current or future environmental problems
[1] [3] In the 1950s and '60s, Albemarle began using pre-employment tests, one of which was the Wonderlic and required a certain score for employees to be eligible for higher-paying jobs. Justice Stewart also approved of and cited EEOC's guidance on validating pre-employment tests.