Final answer:
Analytical procedures are required during the planning and completion phases of an audit to help auditors identify risk areas and to assess overall conclusions.
Step-by-step explanation:
The Auditing Standards Board requires that analytical procedures be performed during certain phases of an audit. Specifically, these procedures are mandated during the planning and completion phases of an audit. Analytical procedures involve the analysis of financial information by studying plausible relationships among both financial and non-financial data. They are employed to assist auditors in understanding the business and in identifying areas of potential risk. During the planning phase, these procedures help the auditor to pinpoint areas that may require more attention, while in the completion phase, they are used to assess the overall conclusions drawn and to assist in the final review of the financial statements.