Yesterday I suggested that you should be scanning business, cpa, and cfo.com websites to discern developing trends. Here is a good example. This is a CFO article highlighting a report by the PCAOB. In the report the PCAOB explains how an alert CFO can reduce audit fees for by maintaining for example efficient bank reconciliation. If the external auditor is satisfied that this internal control is in place, the external auditor can reduce substantive procedures of further examination. This would be the result of analytical procedures that survey compliance.
It is necessary to read such to get a feel for the context in which accounting happens.
Professor Elam 
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