Question 12 3 pts The purposes for performing analytical procedures during the planning phase (risk assessment phase) of the audit differs from the purposes for performing analytical procedures during the testing/execution phase (risk response phase) of the audit. Which of the following is/are purposes for performing analytical procedures during the planning phase (risk assessment phase) of the audit? (NOTE: There may be more than one correct answer. An incorrect answer will result in a deduction.) Substantive procedure to assess the various accounts in the financial statements. To replace tests of details of balances for major account balances. O To enhance the auditor's understanding of the client's business. O To assist in the performance of tests of controls. O Attention-directing -- highlight unusual or inconsistent fluctuations in accounts. O To aid in the identification of risks