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explain d 3 stages of an audit when analytical procedure can be used by auditors?
Initial assessment: audit planning. If a ratio has changed a lot then more audit work is implied
During the audit: substantive procedures. Expected amounts and expected ratios give some evidence that a figure foes not have a material misstatement.
Final review: after all the detailed work take a long-view of the financial statements: doe they look sensible and correct?
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