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Hi sir, i have a confusion regarding analytical procedures.
It’s a MUST for the auditor to use analytical procedures as risk assesment procedure during the planning stage.
And it’s also compulsory for the auditor to use analytical procedures in the final review stage, at the end of the audit.
But its OPTIONAL for the auditor to use analytical procedures as substantive procedures during the final audit.
Is my understanding correct sir ?
It is a requirement ie compulsory to gather sufficient appropriate evidence and I can’t imagine why an auditor would not use analytical procedures during substantive tests as these. They are quick and easy and the auditor would need a very good reason not to use them.
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