Which of the following is a leading practice in the effective implementation of the GL Analyzer to assist in risk identification as part of UTB procedures?
Review reports with a questioning mindset, start analysis with required reports and supplement with suggested reports
Start analysis with suggested reports and supplement analysis with required reports
Review reports only after performing inquiries of management
Perform inquiries of management without considering the GL Analyzer results
A leading practice in the effective implementation of the GL Analyzer to assist in risk identification as part of understanding the entity's business and its environment (UTB procedures) is to review reports with a questioning mindset, starting the analysis with required reports and supplementing it with suggested reports. This approach allows for a comprehensive assessment by first focusing on the essential data and then adding additional insights from other reports, while maintaining a critical perspective throughout the process. It also incorporates management's input, which is valuable in understanding the context and potential risks.
