Final answer:
c. Both the planning and final review phases of the audit.
Analytical review procedures are required during both the planning and final review phases of an audit, aiding in risk assessment and evaluation of the financial statement presentation.
Step-by-step explanation:
Analytical review procedures are audit processes that involve the comparison of financial information with expectations established by the auditor.
According to the auditing standards, these procedures are required during both the planning phase and the final review phase of an audit. Therefore, the correct answer to your question is:
c. Both the planning and final review phases of the audit.
In the planning phase, analytical procedures are used to assist the auditor in understanding the business and in identifying areas of potential risk.
During the final review phase, they are used to assess the conclusions reached and to evaluate the overall financial statement presentation.
These procedures are an integral part of the audit process, helping to detect unusual transactions or events, and assess the auditor's understanding of the business and its environment.