Analytical procedures are used at which of the following phases of an audit?
A)Risk assessment
B)Risk response.
C)Final review.
D)All of the above.

Question

Quizplus · Accepted Answer

Analytical procedures are used in all phases of an audit- risk assessment, risk response, and final review. In the risk assessment phase, analytical procedures help auditors understand the client's business and identify areas of potential risk. In the risk response phase, analytical procedures are used to evaluate the sufficiency of other audit procedures and to identify any additional procedures that may be necessary. In the final review phase, analytical procedures help the auditor to evaluate the overall financial statement presentation and ensure that all material misstatements have been identified and addressed.

Analytical Procedures Are Used at Which of the Following Phases