Ministry of Justice
Republic of Uzbekistan
On September 3, 1999 No. 814
Approved by the Ministry of Justice of the Republic of Uzbekistan on August 4, 1999 , No. 64
1. This standard is developed on the basis of the Law of the Republic of Uzbekistan "About auditor activities", resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of June 10, 1999 No. 296 "About measures for realization of the basic provisions containing in the report of the President of the Republic of Uzbekistan at the XIV session of Oliy Majlis" and is element of normative auditing regulation in the Republic of Uzbekistan.
Purpose and tasks of the standard
2. The purpose of the standard is setting standards, the analytical procedures applied by auditing organization in case of accomplishment.
3. Tasks of the standard are:
3.1. Determination is more whole than holding analytical procedures.
3.2. Characteristic of types of analytical procedures.
3.3. Establishment of procedure and methods of accomplishment of analytical procedures.
3.4. Regulation of actions of auditing organization after receipt of results of accomplishment of analytical procedures.
4. Requirements of this standard are obligatory for all auditing organizations when implementing the audit providing preparation of official audit opinion, except for those its provisions where it is directly specified that they have advisory nature.
5. Requirements of this standard have advisory nature when carrying out the audit which is not providing preparation by its results of official audit opinion and also when rendering the services (consulting services) accompanying audit. In case of variation in case of accomplishment of specific task from mandatory requirements of this standard the auditing organization without fail shall note it in the working documentation and in the written report to management of the business entity who ordered audit and (or) services accompanying it.
6. Analytical procedures include:
6.1. Comparison of the actual indicators of the financial reporting with planned targets of business entity.
6.2. Comparison of the actual indicators of the financial reporting with the forecast indicators determined by auditing organization.
6.3. Comparison of indicators of the financial reporting with the normative values established acting legislative and regulations or business entity.
6.4. Comparison of indicators of the financial reporting with the data which are not part of the financial reporting.
6.5. Comparison of indicators of the financial reporting with average data of industry.
6.6. Analysis of changes eventually indicators of the financial reporting and relative coefficients, related.
7. The type of analytical procedures depends on the purpose of their carrying out, availability and adequacy of information necessary for their carrying out, type of activity of business entity.
8. When comparing the actual indicators of the financial reporting of business entity the plan determined by it the auditing organization shall:
8.1. Estimate the planning technique used by business entity.
8.2. Make sure that the client did not change financial performance of the accounting period according to planned targets.
9. When comparing the actual indicators of the financial reporting with independently determined forecast indicators, the auditing organization establishes the assumptions on bases of the developed tendencies.
10. Any calculation of coefficients and percentage based on reporting and normative indicators is effective. The choice of coefficients, methods of their calculation and periods of time of calculation is made according to regulating documents. Methods of identification of areas of potential risks are:
10.1. Analysis of relative indicators of current period.
10.2. The analysis of change of the relative indicators calculated for business entity during the different periods.
10.3. Comparison of changes of several types of relative indicators.
11. Comparing the actual indicators of the financial reporting of business entity to average values of industry, the auditor analyzes activities of this business entity. At the same time the auditor should consider that industry indicators can be incomparable to indicators of this business entity, and also the fact that business entities can use various accounting policy.
12. In case of use by the auditor of method of comparison of data of the financial reporting of business entity with the data which are not part of the financial reporting (not booking data), the auditor needs to be convinced of the accuracy of the used not booking data.
13. In the course of comparison of the actual indicators of the reporting with data of previous periods the auditing organization already at stage of planning of audit determines areas of potential risks. Widespread methods of identification of areas of potential risks are:
13.1. Comparison of balance sheet items and analysis of their sharp changes.
13.2. The analysis of changes of Articles in comparison with changes of other Articles. In this case the area of potential risk comes to light when change of one indicator by the economic nature does not correspond to change of other indicator.
Purposes of application of analytical procedures
14. Application of analytical procedures is based on existence of cause and effect relationship between the analyzed indicators.
15. The purposes of analytical procedures are:
15.1. Identification of availability or lack of the unusual or incorrectly reflected facts and results of economic activity determining areas of potential risk.
15.2. Action research of business entity.
15.3. Identification of the facts of misstatement of the financial reporting.
15.4. Reducing number of detailed audit procedures.
15.5. Ensuring testing for the purpose of receipt of answers to the arisen questions.
16. Application of analytical procedures:
16.1. Gives the chance to the auditor when planning audit better to understand the client and to determine by means of consideration of balance sheets risk degree in case of audit.
16.2. Promotes reducing quantity and amount of other audit procedures.
16.3. Consists in assistance to the auditor in case of audit in forming of its reasonable authoritative opinion.
16.4. Plays role of final verification of presence in the reporting of financial problems which can reveal the areas of check requiring supplementary audit procedures.
17. Analytical procedures are performed throughout all process of audit.
Procedure for accomplishment of audit procedures
18. Accomplishment of analytical procedures consists from:
18.1. Determination of the purpose of the procedure.
18.2. Choice of type of the procedure.
18.3. Accomplishment of the procedure.
18.4. The analysis of the performed procedures.
19. At stage of accomplishment of analytical procedures the auditor selectively uses:
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