It is likely in the acquisition and payment cycle that audit evidence from substantive analytical procedures alone will be sufficient for the auditor.

Question

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Substantive analytical procedures alone may not provide sufficient audit evidence in the acquisition and payment cycle as transactions can be complex, involve multiple parties, and may require detailed testing of underlying documents and controls. Therefore, other audit procedures such as tests of controls and substantive tests of transactions may be needed to obtain sufficient audit evidence.

It Is Likely in the Acquisition and Payment Cycle That