Q 9.6: Analytical procedures are a powerful tool for both internal and external auditors. Which one of the following statements is not true in respect of analytical procedures used by internal auditors?

1. Analytical procedures may be used as substantive procedures
2. Analytical procedures are often used as final review procedure
3. Analytical procedures are often used as tests of controls
4. Analytical procedures can be used as an alternative to detailed testing of transactions and balances