Answer:
Required for planning, substantive testing, and overall review of financial statements.
Step-by-step explanation:
Analytical procedures can be defined as procedures that are used by auditors to comprehend the various operations of a business and also to identify the risks areas that needs to be tackled.
Auditors utilize analytical procedures for the following reasons:
1) To help design the nature, timeframe and volume of other analytical procedures.
2) As a form of substantive test to obtain proof about a particular statement which is linked to account balances.
3) As a total review of of the financial information included in the final review part of the audit.