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

Question

Quizplus · Accepted Answer

Analytical procedures are an essential element of the audit process, which are performed during both the planning and completion phases. They provide auditors with a valuable tool for assessing the integrity of the financial information presented and identifying potential risks, errors, or inconsistencies that may require further investigation. Additionally, these procedures help to enhance the overall quality and effectiveness of the audit, thereby enabling auditors to provide assurance that the financial statements are free from material misstatements.

Analytical Procedures Are Required During the Planning and Completion Phases