Analysis is a substantive audit procedure that auditors use when they are performing financial statement audits. 

Required

(a) Distinguish between analysis and analytical procedures. 

(b) Identify the three stages in the audit process at which analysis can be performed. 

(c) For each stage identified in part (b), state the auditor’s objective in using analysis. 

(d) Briefly describe three ways in which auditors can ensure that the data they use in their analytical procedures are reliable.