isa 520


What is Isa 520 and why is it important?

  • The definition becomes particularly important because proposed ISA 520 has introduced requirements for analytical procedures as substantive procedures in response to assessed risks. The definition can be read in two ways.

Does SA 520 contain modifications?

  • Modificationsvis-a-visISA 520, “Analytical Procedures” SA 520, “Analytical Procedures” does not contain any modificationsvis-à-visISA 520. 12SA315, paragraph 31. Handbook of Auditing Pronouncements-I.A SA 520 10 Appendix Analytical Procedures Trends

What are the requirements for 1(a)Isa 520 analytical procedures?

  • The Association of Chartered Certified Accountants Section A – BOTH questions are compulsory and MUST be attempted 1(a)ISA 520 Analytical Proceduresrequires that the auditor performs analytical procedures during the initial risk assessment stage of the audit.

What is analytical procedures 5 SA 520?

  • Analytical Procedures 5 SA 520 decision about which audit procedures to perform, including whether to use substantive analytical procedures, is based on the auditor’s judgment about the expected effectiveness and efficiency of the available audit procedures to reduce audit risk at the assertion level to an acceptably low level. A5.
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