Analytical procedures are used during the overall evaluation of the financial statements.

Question

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Analytical procedures are an important part of the overall evaluation of financial statements. They involve evaluations and analyses of financial information through the use of comparisons and relationships between financial and non-financial data. These procedures are useful in identifying areas where additional audit procedures may be required, as well as in identifying potential fraud or misstatements. Therefore, analytical procedures are an essential part of the audit process.

Analytical Procedures Are Used During the Overall Evaluation of the Financial