Preliminary analytical procedures are part of the planning process to obtain an understanding of the entity to be audited and its environment for the purpose of assessing the risks of material misstatement and what audit procedures should be implemented. Analytics are performed during audit fieldwork as part of the overall substantive testing plan to determinate whether account balances and related disclosures are properly stated. At the end of the audit process, analytics are used to identify any unusual or unexpected financial statement relationships and assess the validity of audit conclusions reached, including the opinion on the financial statements as a whole.
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