Samantha is a senior manager at a national CPA firm. She has recently taken over the planning responsibilities on her firm’s largest client, a mid-size publicly traded company with multiple subsidiaries around North America. The client chose her firm primarily due to its cost efficiencies compared to larger firms. The client is publicly traded, so Samantha is planning an integrated audit as well as quarterly review work.

1. How will each of the following concepts affect Samantha’s audit planning?
a. Nature
b. Timing
c. Extent
2. Should Samantha consider the audit budget when planning the audit? Explain, particularly addressing pressures to limit any audit procedures to keep the budget within an expected range.

  • CreatedJanuary 21, 2015
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