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tunisia81 tunisia81
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Which of the following is a correct statement regarding analytical procedures?

▸ If an auditor identifies a possible misstatement in sales using analytical procedures, accounts payable will be the likely offsetting misstatement.

▸ Auditors should also compare the results of their analytical procedures to budgets and industry trends.

▸ If sales are overstated, the income statement will be incorrect, but the balance sheet will be correct.

▸ If an analytical procedure uncovers an unusual fluctuation, the auditor must assume fraud is involved.
Textbook 

Auditing and Assurance Services


Edition: 17th
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iammtziammtz
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Auditors should also compare the results of their analytical procedures to budgets and industry trends.

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