The fundamental purpose of the financial audit is to express an independent and expert opinion on the financial statements. This opinion is expressed in the auditor's report. The standard audit report states that in the auditor's opinion, "financial statements referred to above, represent fairly, in all material respects, the financial position of ABC company as of December xx, xbox, in accordance with accounting principles generally accepted in the United States of America "(Whittington & Pany, 2019, p. 712). To form an accurate opinion of the financial statements, auditors must collect and analyze evidence. Data analysis plays a key role in every stage of the audit process.

Prepare a memo to management that explains how and why data analysis is used in the various stages of the audit process, including the risk assessment stage, the determination of sampling method and audit universe, the substantive procedures stage, and the end of the audit.

Specifically, the following critical elements must be addressed:

1. Data Analysis: Risk assessment stage: Explain how and why data analysis is used at the risk assessment stage of the audit process.

2. Data Analysis: Determination of sampling method and audit universe: Explain how data analysis is used in the determination of sampling method and audit universe.

3. Data Analysis: Substantive procedures stage: Explain how and why data analysis is used at the substantive procedures stage of the audit.

4. Data Analysis: End of audit: Explain how and why data analysis is used near the end of an audit.