Question: With reference to the article Between a rock and a hard place: A path forward of using substantive analytical procedures in auditing large P&L accounts

With reference to the article "Between a rock and a hard place: A path forward of using substantive analytical procedures in auditing large P&L accounts by Steven M. Glover, Douglas F. Prawitt, and Michael S. Drake, determine the following:

  • Requirements - how are they carried out?
  • Relationship of SAP and misstatement
  • Relationship with audit evidence
    • What type of evidence may be gathered?
  • Why there are criticisms of SAP?
  • Relationship of SAP and audit quality
  • Relationship with material misstatements and level of assurance
    • Low assurance substantive analytical procedures
  • Combination with other audit procedures - examples
  • SAP vs. other audit procedures - why others are considered superior?

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