When conducting a substantive analytical procedure, $\_\_\_\_\_\_\_.$

Question $4$ options:

the procedure should be approved by management beforehand

auditors develop an expectation, or estimate, using data in the client's records or data from reliable outside sources, and then compare the expectation with the client's recorded amount.

auditors develop an expectation, or estimate, using data in the client's records or data from reliable internal sources, and then compare the expectation with the client's recorded amount.

auditors develop an expectation, or estimate, using data in the auditor's records or data from reliable outside sources, and then compare the expectation with the client's recorded amount