value: 2.50 points 14uditing standards , analytical procedures at the planning and concluding stages of the audit 2. Analytical procedures can also be used as procedures in testing. 3. Analytical procedures at the end of the audit help confirm the reached. Often, analytical procedures are considered the most procedures for a strong understanding of the client and its business 5. Part of performing analytical procedures involves considering References eBook & Resources 1. value 167 points Put the general steps of the audit process for Inventory in the correct order. Perform substantive audit procedures Step One Perform substantive audit procedures Perform tests of controls Step Two Use the understanding of the client and its environment to consider inherent risks, including fraud risks, related to inventories and cost of goods sold Step Three Obtain an understanding of internal control over inventories and cost of goods sold Step Four Assess the risks of material misstatement and design further audit procedures Step Five Reset eBook & Resources eBook Assess the risks of material misstatement of inventories and cost of goods sold and design further audit procedures, including tests