Analytical Procedure

Introduction

The Analytical Procedure is primarily used for Materiality purposes and for comparing data between the current year and the previous year. It generates a file when the client is imported from any accounting software, and the file is saved as Version 1. Subsequent re-imports of the fund result in new file versions, such as Version 2, Version 3, and so on, with Version 4 being the latest. 

Contents of the Generated File 

1. The file displays the Procedure, Current Year, and Previous Year data columns. 
   
2. Variance in percentage and amount between the Current Year and Previous Year is also displayed, indicating if there is a rise or fall. 
3. Text boxes are available to add Materiality details and Comments for each item. 
4. The total amount of the Current Year and Previous Year for each bucket is displayed in the top right corner. 
   

1. You can also change the Analytical Procedure Version by clicking on the dropdown next to Version.

Conclusion and Saving 

1. After completing the checklist and the entire process, you can add a Summary and Conclusion to summarize the analysis.
   

1. Click on the Save button located at the bottom left corner to save the completed Analytical Procedure. 
   

The Analytical Procedure streamlines data comparison and helps in Materiality Assessment, providing valuable insights for decision-making and auditing purposes. It allows for comprehensive analysis and documentation of data changes between the current and previous years to ensure accurate financial assessment and reporting.

To learn more about the process, explore best practices, and make the most of our features, please visit our Knowledge Base. Contact our Support team if you need any assistance.

• Related Articles

• Adding documents from the unsorted folder to the backup audit file.

  Introduction When you're generating an audit file in SMSF Auditomation, documents that are in the Unsorted folder are not automatically included. This is a deliberate design choice to ensure that only documents bookmarked to appropriate audit items ...

• Completed Audit Job

  Introduction All the completed Audit Jobs/Audit Files are listed here and the details for the jobs in Completed Audit Job are in view-only mode. Once a job is completed, the Audit File for that job is locked and no changes can be made from there. You ...

• Materiality Details in Audit Workpaper File, Time Stamps and Added External Query Columns

  Introduction We’ve rolled out a few exciting updates to make your audit process even more streamlined, insightful, and responsive. Here’s what’s new: Detailed Materiality Assessment Now in the Audit Workpaper File Previously, your audit file only ...

• November/December 2017 Release Notes

  What's New Welcoming myob AO and SuperMate to the Cloudoffis Family Cloudoffis is now fully integrated with myob AO & SuperMate allowing you to easily connect with your client's funds within this software.As these are desktop versions the process is ...

• How to Unlock a Completed Audit Job

  Introduction Once an audit job is marked as completed, no further actions can be performed except for generating and downloading the audit file. If you need to perform additional actions, you must unlock the audit job by changing its status from ...