#cainter #chapter8 #SA520
In this video, we will study SA 520. This standard deals with analytical procedures which are an important part of further audit procedures in auditing.
SA 520 is covered in chapter 8 of the study material given by The Institute of chartered accountants of India (ICAI).
This video will help you in revising chapter 8 in a time-bound manner.
Analytical procedures are used as risk assessment procedures as well as substantive analytical procedures.
In analytical procedures, auditors evaluate the financial information through analysis of plausible relationships among both financial and non-financial data.
As discussed earlier analytical procedures can be used for risk assessment as required by SA315. It will help the auditor identify and assess the risk of material misstatement so that the auditor can determine the nature, timing and extent of audit procedures.
Substantive and analytical procedures are also used depending upon the assessment of risk and the testing of internal control.
Analytical procedures are also used while doing the overall review of the financial statement at the end of the audit. This particular part of the analytical procedure is not covered in the syllabus of CA intermediate.
In this particular video, we have revised it from an examination point of view. Before watching this video you should cover the entire chapter 8 from the study material given by the Institute of chartered accountants of India.
If you are going to appear for CA Inter December 2021 Auditing exam this video will help you a lot in quickly revising the SA 520.
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