Analytical Procedures Consist of Evaluating Financial Information by Studying Financial

question 12

Essay

Analytical procedures consist of evaluating financial information by studying financial and nonfinancial data and looking for plausible or implausible relationships.The procedures can range from making simple comparisons to using complex models involving many relationships and elements of data.They can involve time-series comparisons of recorded amounts and ratios developed from recorded amounts,and they always include comparison to expectations developed by the auditors.
Required: A)Describe the broad purposes of analytical procedures.
B)Identify the sources of information from which an auditor develops expectations.

Recognize the domestic policies and political strategy of Nixon, including the southern strategy and his approach to civil rights.

Comprehend the legislative and political response to presidential power during and after the Nixon administration, including the War Powers Act and the impeachment process.

Analyze the economic conditions of the 1970s, including inflation, stagflation, and the impact of OPEC oil price increases.

Examine the responses to environmental and economic crises during the 1970s.

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Definitions:

Stethoscope

A medical instrument used by healthcare professionals to listen to internal body sounds, such as heart and lung sounds, for diagnostic purposes.

Blood Pressure Device

An instrument used to measure blood pressure, consisting typically of an inflatable cuff, a measuring unit, and sometimes a stethoscope.

Recalibrate

The process of re-adjusting, re-assessing, or altering a method, process, or machine to ensure accuracy and effectiveness.

Blood Pressure Clinic

A specialized clinic focused on monitoring and managing the blood pressure of patients, helping to prevent hypertension related complications.