Analyzing ratio results relative to expectations based on prior year, budgeted, or other data relates to: A) initial procedures. B) analytical procedures. C) tests of details of transactions. D) tests of details of balances. E) presentation and disclosure.

Question

Quizplus · Accepted Answer

Analytical procedures involve comparing financial information with other data, such as prior year results, budgets, or industry standards, to identify any significant differences or trends that may require further investigation.

Analyzing Ratio Results Relative to Expectations Based on Prior Year