Question 1
Evaluate the reliability of the information taking into account relevance, nature, source, and comparability.
Consequently, determine the suitability of a certain substantive analytical procedure given the risks involved and material misstatement.
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Additionally, determine any differences in any recorded amount or information from the expected values.
Similarly, develop an expectation of the recorded ratios and amounts and determine if the expectation is substantive to the analytical procedures.
Primarily, the disaggregated data is more precise to the hope than the aggregated level. Importantly, precision is the main aim of an auditor in measuring the effectiveness of the analytical process. Secondly, the disaggregate level provides precise quality of information and the quality required in the audit assurance.
Question 3
Analytical procedures are more effective than a test of details. Primarily, the auditor does not wish to wish to sacrifice the effectiveness of the systematic process with other methods. Moreover, in other cases, the analytical methods are more effective than a test of details. Additionally, the analytical methods mainly replace another detailed testing while maintaining the same levels of audit risks.
The extent, nature, and timing of the audit testing system are likely to change when the auditors use analytical method are the substantive tests. Primarily, the audit plan is possible to specify the utilization of the analytical methods to come up with a final view. Similarly, the audit program will include very few, different, and less extensive tests of details. Moreover, the auditor would mainly determine the desired extent, nature, and timing for further audit testing. \
The analytical procedures should be used as the substantive tests for Bees because they provide an intensive analysis of the company’s financial statements. Consequently, they are very effective and they provide functional information.
Question 4
Primarily, the analytical procedures have proved that the tolerable difference in the organization can be no greater than the overall materiality. Moreover, the Moreover, the disaggregated expectation of the group yield a difference of about 12,237 dollars. This mean the inputs of the auditor are reliable and the analytical procedures provide evidence that the revenue of the firm is fairly represented.
Maybe the revenues were misstated
The auditor may have failed to incorporate the most important aspects.
There might have occurred and audit error.
Additionally, the attendance figure might have been manipulated.
