Analytical procedures performed during the planning phase of the audit
A) are used as a substantive test in support of account balances.
B) are used to assist in determining the nature, extent, and timing of audit procedures.
C) are used to detect fraud.
D) are mandatory only for public companies.

Question

Quizplus · Accepted Answer

Analytical procedures performed during the planning phase of the audit are used to assist in determining the nature, extent, and timing of audit procedures. They are not mandatory only for public companies, and while they may help in the detection of fraud, they are not generally used as a substantive test in support of account balances.

Analytical Procedures Performed During the Planning Phase of the Audit