What is analytical review, audit assertions, audit planning etc.

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Analytical review, audit assertions, and audit planning are all important components of the audit process.

Analytical review involves analyzing financial data to identify trends, anomalies, and potential risks.
Audit assertions are statements made by management regarding the accuracy and completeness of financial information.
Audit planning involves developing a strategy for conducting an audit, including identifying risks and determining the scope of the audit.
Other important components of the audit process include risk assessment, testing of controls, substantive testing, and reporting.
For example, during analytical review, an auditor might compare current financial data to prior periods or industry benchmarks to identify potential issues.
During audit planning, an auditor might review prior audit reports, interview management and staff, and review relevant policies and procedures.
The goal of the audit process is to provide assurance that financial information is accurate, complete, and in compliance with relevant accounting standards and regulations.

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