Analytical procedures are required during the planning and completion phases of all audits.

Question

Quizplus · Accepted Answer

Analytical procedures are required during the planning and completion phases of all audits. Analytical procedures involve analyzing data and relationships to identify potential issues or anomalies that need further investigation. They help auditors gain a better understanding of the business and identify areas that may be high risk. Therefore, analytical procedures are an important part of the audit process and should be performed throughout the audit.

Analytical Procedures Are Required During the Planning and Completion Phases