For audits of financial statements made in accordance with generally accepted auditing standards, the use of analytical procedures is required to some extent:
A)As a substantive test and in the final review stage.
B)As a substantive test but not in the final review stage.
C)In the final review stage but not as a substantive test.
D)Neither in the final review stage nor as a substantive test.

Question

Quizplus · Accepted Answer

Analytical procedures are required in the final review stage of an audit to assist the auditor in forming an overall conclusion about the financial statements. They are not required as a substantive test, though they can be used as such at the auditor's discretion.

For Audits of Financial Statements Made in Accordance with Generally