What are the characteristics of analytical procedures?
Understand the Problem
The question is seeking clarification about what analytical procedures entail, specifically regarding their limitations and characteristics. Each option presents a different statement about these procedures, and the user is likely looking for accurate information to select the correct answer.
Answer
c. must take into account seasonal variation in the client's business.
The correct answer is c. Analytical procedures must take into account seasonal variation in the client's business.
Answer for screen readers
The correct answer is c. Analytical procedures must take into account seasonal variation in the client's business.
More Information
Analytical procedures are used to identify anomalies by comparing data across periods, thus it's crucial to account for seasonal variations that might otherwise mislead the analysis.
Tips
A common mistake is not considering the effect of seasonal variations, leading to inaccurate conclusions.
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