Maricela just got hired by a Big Fouraccounting firm and is currently in"audit boot camp."Her first lesson ison analytical procedures.Maricela studied financial ratios in heruniversity classes, so she feltconfident going into her boot camp training. However, she was surprised to find that only one of following statements about analytical procedures is true. Which is the true statements?
1. Results of analytical procedures do not constitute substantive evidence during anaudit
2. Analytical procedures are required to be performed during the final audit review to verify the appropriateness of the auditor's conclusions
3. Analytical procedures and financial ratios are equivalent, as analytical procedures only involve financial data
4. While a useful tool, analytical procedures are not required during audit planning.