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Published in:
2024 | OriginalPaper | Chapter
6. Analytical Review: Intelligence Scanning
Author : J. Christopher Westland
Published in: Audit Analytics
Publisher: Springer International Publishing
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Abstract
Analytical procedures involve the study of plausible relationships between both financial and non-financial data. Before the mid-2000s, sources of such information were spotty, unreliable, and scarce, and that, indeed, was considered a prime reason for markets needing annual, audited financial statements. Today, there are numerous social networks, news, and discussion boards that offer both raw and curated, streaming sources of useful business intelligence. The auditor who does not scan for such client and industry intelligence both increases the cost of auditing, and can be considered negligent in not investigating all available information about the financial health of their client.