ISSAI Executive Summaries
ISSAI 1520 – Analytical Procedures
This Practice Note provides supplementary guidance on ISA 520 – Analytical Procedures.
Analytical Procedures means evaluation of financial information through analysis of plausible relationships among both financial and non-financial data. Analytical procedures also encompass such investigations as is necessary of identified fluctuations or relationships that are inconsistent with other relevant information or that differ from expected values by a significant amount.
Level 4: General Auditing Guidelines - General Auditing Guidelines on Financial Audit
Public sector external auditors
ISA 520 deals with the auditor's use of analytical procedures as substantive procedures. It also deals with the auditor’s responsibility to perform analytical procedures near the end of the audit that assist the auditor when forming an overall conclusion on the financial statements.
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The Practice Note provides additional guidance for public sector auditors related to
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INTOSAI Professional Standards Committee – Financial Audit Subcommittee
Approved at XXth Congress of INTOSAI, Johannesburg 2010
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ISA 520 is applicable to auditors of public sector entities in their role as auditors of financial statements.
ISA 520 is related to ISA 315 dealing with the use of analytical procedures as risk assessment procedures and ISA 330 including requirements and guidance regarding the nature, timing and extent of audit procedures in response to assessed risks.