Which of the Following Is True About Analytical Procedures

question 14

Multiple Choice

Which of the following is true about analytical procedures?

• A)Performing analytical procedures results in the most reliable form of evidence.
• B)Analytical procedures are tests of controls used to evaluate the quality of a client's internal control.
• C)Analytical procedures are used for planning,but they should not be used to obtain evidence as to the reasonableness of specific account balances.
• D)Analytical procedures are used in risk assessment,as a substantive procedure for specific accounts,and near the completion of the audit of the audited financial statements.

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Definitions:

Learning and Growth

Learning and Growth refer to strategies or initiatives within an organization aimed at boosting the capabilities and satisfaction of its employees through training and development, impacting the long-term success of the organization.

Strategic Objective

A result that a business aims to achieve that defines the purpose of an action taken; a subcomponent of the overall entity’s mission statement or strategy.

Balanced Scorecard

A strategic planning and management system used by organizations to communicate objectives, monitor performance, and evaluate their progress towards achieving strategic goals.

Financial Measures

Quantitative indicators used to assess the financial stability, performance, and liquidity of a business entity.