Required information

Analytical Procedures

Audit standards require analytical procedures at two stages during the audit: at the risk assessment $($planning$)$ phase and

again at the end of the audit. They are optionally used as a substantive procedure during the course of an audit.

CONCEPT REVIEW:

While analytical procedures are similar in structure in both phases $($or substantive testing, if used$)$ of the audit, they have

different purposes and often different conclusions. It is critical that the auditors recognize and respond to these

differences.

Choose the appropriate terms to complete the statements below.

analytical procedures at the planning and concluding stages of the audit.

$2.$ Analytical procedures can also be used as

$3.$ Analytical procedures at the end of the audit help confirm the

Often, analytical procedures are considered the most

the client and its business.

$5.$ Part of performing analytical procedures involves considering

$1.$ Auditing standards

$4$

procedures in testing.

reached.

procedures for a strong understanding of