Analytical procedures must be used in the planning and completion phases of the audit.

Question

Quizplus · Accepted Answer

Analytical procedures are an important part of both the planning and completion phases of an audit. In the planning phase, analytical procedures can help the auditor understand the client's business and identify areas of potential risk. In the completion phase, analytical procedures can help the auditor evaluate the reasonableness of financial statement balances and identify any unusual or unexpected trends or relationships that may require further investigation.

Analytical Procedures Must Be Used in the Planning and Completion