Looks like others have responded to your questions….but thought I shed some light on Analytical procedures done during three phases.
Like everyone mentioned, it's only required for planning and final review stage. However it can be also used as substantive procedures.
Analytical procedures:
Planning stage: To assist in planning the nature, timing and extent of other auditing procedures.It basically enhances auditor's understanding of the company. Generally use data aggregated at a high level.
Used as Substantive procedure: Not required, BUT can be used to obtain evidence about particular assertions related to account balances or classes of transactions. You can decide whether to use it or not based on: Nature of assertions, are they predictable, reliable, precision of exceptions, etc? For example, if the account isn't predictable, then there's not really a point in doing analytical procedures on those accounts.
Overall review: To assist in assessing the conclusions reached and in the evaluations of the overall f/s presentations. Are the evidence adequate? Is there an unusual or unexpected balances or relationships that weren't previously identified.
As far as subsantive procedures go:
There's two parts to it: Test of Details and analytical procedures.
Test of details are always required, no matter what…but analytical procedures aren't.
Test of Details includes things like: Footing, Inquiry, inspection, vouching, examination, tracing, confirmation, etc…
Analytical procedures: Using ratios.
Hope that helps. It really helped me to separate out both and to understand when/where they were used. It really comes in handy when answering questions, you can automatically eliminate couple choices based on key words used.
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