Maurice and Satvinder are currently working on the audit of Spring Corporation, which is drawing to its conclusion. Maurice mentions to Satvinder that he doesn't understand why the audit firm is performing analytical procedures again at the end of the audit, as this seems redundant. Which of the following represents Satvinder's best response to this observation?
1) I can see why you might at first think this was a duplication of effort.
2) Analytical procedures at the end of the audit help to ensure the accuracy and completeness of the financial statements.
3) The audit firm is required by regulations to perform analytical procedures at the end of the audit.
4) Performing analytical procedures again at the end of the audit is a standard practice in the industry.