Lesson: Analytical & Other Procedures Practice Questions

Instructor: Nick Palazzolo
Cite this lesson

In this lesson, Nick Palazzolo, CPA, tackles practice questions related to analytical and other procedures. The lesson starts with a question about identifying an analytical procedure among different options. It goes on to discuss the purposes of analytical procedures and provides relevant examples. The next question challenges learners to analyze how a significant increase in net income would potentially affect recorded amounts in financial statements, considering different scenarios, such as decreases in accounts payable or notes payable. Throughout the lesson, Nick explains the reasoning behind the correct answers, as well as the rationale for eliminating the incorrect ones, to deepen the understanding of the subject matter.

Updated: June 22, 2023 Create an account

In this lesson, Nick Palazzolo, CPA, tackles practice questions related to analytical and other procedures. The lesson starts with a question about identifying an analytical procedure among different options. It goes on to discuss the purposes of analytical procedures and provides relevant examples. The next question challenges learners to analyze how a significant increase in net income would potentially affect recorded amounts in financial statements, considering different scenarios, such as decreases in accounts payable or notes payable. Throughout the lesson, Nick explains the reasoning behind the correct answers, as well as the rationale for eliminating the incorrect ones, to deepen the understanding of the subject matter.

Create an account 7-day free trial. No credit card required.
Substantive Testing & Internal Controls
Module: 3 Concepts, 45 Lessons
Internal Controls & Information Technology Controls: Design, Testing, & Deficiencies Overview
0:50
Internal Controls & Information Technology Controls: Design, Testing, & Deficiencies Objectives
1:37
Introduction to Internal Controls and Information Technology Controls
1:49
Examples of Internal Controls
3:14
The Internal Control Process
7:40
Deficiencies in Internal Controls
13:02
Compensating Controls
4:43
Indicators of Material Weaknesses
4:21
Written Communication on Deficiencies
11:51
Deficiencies in the Design and Operation of Controls
7:36
Review of Internal Controls
7:01
IT Controls in an Audit
20:57
Internal Controls & Information Technology Controls: Design, Testing, & Deficiencies Summary
1:20
Internal Controls & Information Technology Controls: Design, Testing, & Deficiencies Practice Questions
17:46
Analytical & Other Procedures Overview
0:33
Analytical & Other Procedures Objectives
1:20
Introduction to Analytical and Other Procedures
2:07
Conducting Analytical Procedures
7:51
Analytical Procedure Example
1:53
Investigating the Results of Analytical Procedures
9:35
Liquidity and Activity Ratios
7:31
Debt Covenants
2:25
Net Working Capital
3:49
Examples of Liquidity and Activity Ratios
5:55
Profitability Ratios
6:17
Debt/Leverage Ratios
3:12
Turnover Ratios
5:16
Comparing Working Capital Metrics
2:10
Analytical & Other Procedures Summary
1:37
Analytical & Other Procedures Practice Questions
14:36
Substantive Testing Procedures Overview
0:42
Substantive Testing Procedures Objectives
1:59
Introduction to Substantive Testing Procedures
6:32
Risk of Material MIsstatement
2:43
Designing Audit Procedures
8:24
Selection of Audit Procedures
4:24
Timing and Extent of Audit Procedures
7:27
Summary of Audit Procedures and Assertions
7:10
Conducting Testing
13:44
Utilizing Analytical Procedures
18:23
Assertions, Potential Misstatements, and Subsequent Audit Procedures
3:01
Management Assertions
6:15
Substantive Procedures Based on Assertions
14:08
Substantive Testing Procedures Summary
1:23
Substantive Testing Procedures Practice Questions
10:34