Current professional auditing standards require the performance of analytical procedures during the planning and completion phases of the audit.

Question

Quizplus · Accepted Answer

Current professional auditing standards, such as those set forth by the American Institute of Certified Public Accountants (AICPA) and the Public Company Accounting Oversight Board (PCAOB), require the use of analytical procedures as a means of evaluating financial information both during the planning phase of the audit (to identify areas of potential risk and establish expectations) and in the completion phase (as a tool for evaluating the overall reasonableness of the financial statements).

Current Professional Auditing Standards Require the Performance of Analytical Procedures