Planning is the essential first step in the audit process and the foundation of a successful audit.
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Question:
Planning is the essential first step in the audit process and the foundation of a successful audit. There are 4 steps highlight below.
1. Evaluate adequacy of control design.
2. Create a test plan.
3. Develop a work program.
4. Allocate resources to the engagement.
Assume that you are planning an audit; for each step, discuss:
1. Why the step is important.
2. What could go wrong if the step is not performed.
Provide an introduction and a conclusion for the entire assignment.
Most importantly Provide a full paragraph for each step. The assignement should be 1 page and a half. total 4 paragraphs one full paragraph for each step.
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