Error: An error occurred before executing the process 'Import Selection Business Process' -- when attempting to create an import selection

From the Analysis functional area, users can create a process to automatically generate a selection of records based on the record IDs included in an import file. When attempting to create an import selection from a CSV file containing a list of audit table GUIDs, CRM users may receive the error message:

An error occurred before executing the process 'Import Selection Business Process' :
Error retrieving the import selection options:
The specified record type 'Audit Table' does not have a valid base table that can be used during the import to determine exceptions. 

Download and install the latest version and patch, if applicable. 

Environment

 3.0.516, Service Pack 6
 4.0.131

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