Psa 520 Focus Notes
Psa 520 Focus Notes
Psa 520 Focus Notes
PSA 520
In planning the audit:
ANALYTI
- Use both financial and nonfinancial information
CAL
- May indicate aspects of the
business of which the
auditor
PROCED
was unaware in determining the
nature, timing and extent
of
URES
other audit procedures.
As substantive procedures:
Substantive procedures to reduce
detection risk (may be derived from
test of details or analytical
procedures, or both)
Factors to consider (if analytical
procedures is used):
a. Objectives and extent to w/c
their result can be relied upon
b. Nature of the entity
c. Availability of information
d. Reliability of available
information
e. Relevance of available
information
f. Source of available information
g. Comparability of available
information
h. Knowledge gained during
Investigating Unusual Items:
previous audits
- Inquiries of management
- Corroboration of managements
responses
- Consideration of the need to
apply other audit procedures
Effective Date: December 31, 2003