Analytical procedures must be used during which phase(s)of the audit?

Question

Quizplus · Accepted Answer

Analytical procedures must be used during the planning phase and the overall review phase of the audit. In the planning phase, analytical procedures help the auditor to understand the client's business and to identify areas of potential risk. In the overall review phase, analytical procedures help the auditor to evaluate the overall fairness of the financial statements and to ensure that all significant transactions have been identified and recorded.

Analytical Procedures Must Be Used During Which Phase(s)of the Audit