Discuss the Four Primary Purposes of Analytical Procedures Performed During

question 65

Essay

Discuss the four primary purposes of analytical procedures performed during the planning phase of an audit.

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Definitions:

Third-Party Beneficiary

A recipient of contractual benefits who is not one of the contracting parties; created when two parties enter into a contract with the intended purpose of benefiting a third party.

Creditor Beneficiary

A third party that benefits from a contract made between two other parties, especially in terms of having the right to claim performance or compensation.

Donee Beneficiary

An external party that gains advantages from an agreement established between two different parties.

Delegation

The process of assigning authority and responsibilities to others to carry out specific activities or tasks.