Final answer:
The basic procedures used in an audit include c) substantive procedures, of the options provided, with tests of details and analytical procedures being the key components. Other options given do not represent standard audit terminology or are components of substantive procedures or risk assessment procedures.
Step-by-step explanation:
The basic procedures used in an audit include substantive procedures, tests of controls, and risk assessment procedures. Among the options provided:
- Substantive procedures (option c) are a set of procedures that auditors perform to detect material misstatements in the financial statements. These procedures include tests of details on transactions and account balances, and analytical procedures that compare financial information with expected patterns based on historical data, forecasts, or industry standards.
Options a, b, and d are not considered basic procedures in an audit. Tests of cycles may refer to a component of substantive procedures or tests of controls. Risk analytic testing might be considered part of risk assessment procedures but is not standard terminology. The test of evidential directionality does not correspond to a recognized audit procedure.