Economic conditions and financial markets have been significantly affected by the global financial crisis that swept around the world in 2008. Love and Lawson identified a series of specific issues flowing from the crisis that must be considered by financial statement auditors and that may affect the procedures used in conducting an audit. 

Required 

Explain the impact of the global financial crisis on decisions about the nature, timing, and extent of substantive testing. Give some specific examples of impact on analytical procedures. Explain how auditors would adjust their audit programs to ensure that overall audit risk remains acceptable.