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Hi,
on page 62 of the notes it says the analytical procedure may be used in 3 stages. sir, we plan for the audit right after engagement,right? at that point the F.S of the entity is not ready. probably it is the start of the year or mid way so how could we investigate the current period inventory days to the previous year’s?Based on whatever information is available depending on the client. There could be latest monthly management accounts, for example. Or maybe just the last month end’s trial balance. Any “initial” planning will be updated as new information becomes available. So after the reporting date you would expect to have draft financial statements on which to revise/update ratios calculated at an interim date.
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