Analytical procedures that are required in all audits of financial reports are analytical procedures:
A)relevant to achieving important audit objectives related to particular assertions.
B)expected to be efficient and effective in the circumstances.
C)based on available and reliable financial data.
D)used in the planning and overall review stages.

Question

Quizplus · Accepted Answer

Analytical procedures are required at the planning stage to understand the entity and its environment and at the overall review stage to assess the conclusions drawn from audit evidence. These procedures are not mandated for specific assertions or solely because they are efficient, effective, or based on available data, but they are a necessary part of the audit process at the beginning and end of an audit.

Analytical Procedures That Are Required in All Audits of Financial