Audit Procedures

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September 1, 2017 at 4:28 pm #404894
ngaryitess
Participant
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Where standard costing has been used by the client, is it appropriate for auditor to carry out this procedure?
Review management account extracts and assess the level of variance for reasonableness. Discuss with management any significant variances arising.
September 2, 2017 at 7:10 am #404962
Ken Garrett
Keymaster
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Comparing actual results to budgeted results is one form od analytical procedure. Differences/variances need to be adequtely explained as they could be a sign that actual results are wrong.
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