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AnswersProfessional Level Options Module, Paper P7 (SGP)Advanced Audit and Assurance (Singapore)December 2009 Answers1(a)(i)It is mandatory to perform analytical procedures as part of risk assessment. Analytical procedures can help the auditorto develop an understanding of the entity, and highlight matters of which the auditor was previously are therefore invaluable in terms of developing knowledge about the operations and performance of theentity. For example, this may be particularly important in the case of a new audit client, when analytical proceduressuch as a comparison of margins made by the entity with those made by its competitors will provide the auditor withsome degree of knowledge about the relative performance of the entity within its business addition, performing analytical procedures at the planning stage

Professional Level – Options Module, Paper P7 (SGP) Advanced Audit and Assurance (Singapore) December 2009 Answers 1(a)(i)It is mandatory to perform analytical procedures as part of risk assessment.Analytical procedures can help the auditor

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