An analytical procedure example is the comparison of:
Multiple Choice
a. Financial ratios of the current year to previous years.
b. Recorded amounts of major disbursements with appropriate invoices.
c. Results of a statistical sample with the expected characteristics of the actual population.
d. EDP generated data with similar data generated by a manual accounting system.

Answers

Answer 1

Answer:

The correct example of an analytical procedure is the comparison of A) financial ratios of the current year to previous year.

Explanation:

Analytical procedure is a type of financial audit process which is usually done by an auditor or a person who has extensive knowledge of the business and the industry. Through this process an auditor , is trying to understand the clients business and changes that are taking place in the industry , so that he or she can identify what are the potentially risky areas for the company.

In this process an auditor would compare the financial statements of the company with the source of information or with previous years financial statements to see what re the areas in which company has improved or needs to be improved.

So it won't be wrong to say that an example of analytical procedure would be comparing the financial ratios of current year to previous year.

Related Questions

A customer has come to your department with an urgent question. You promised her that you would collect information about her question and answer it by noon. It will take you at least 20 minutes to gather the information needed to provide an answer. It is now 11:50 a.m. Your supervisor just scheduled a 30-minute meeting to start at noon. This meeting is for all employees in your department. You decide to:

Answers

Answer: ask for permission to arrive about 12:15 in the afternoon to the meeting and reply the customer question first.

Explanation:

Most of the actions taken inside a company are directed to customers' satisfaction, they are an important part of all business, so they have to be a priority. In this case, the worker can explain to the supervisor the urgent necessity of replying to the customer and the previous promise that has done of replying by noon. The supervisor may understand the important situation and summarize for the worker the 10 first minutes of the meeting; in this way the worker won't miss the meeting and will keep his commitment with the customer.

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