Why is the audit planning memo an important part of audit documentation?
Answer to relevant QuestionsWhy might some audit procedures need to be performed exactly at the end of the fiscal year?How does the auditor plan for the ICFR audit? For the financial statement audit? In other words, what linkages are important to develop and document as a part of drafting the audit plan?Does materiality and risk of misstatement have a positive or an inverse relationship with the amount of work the auditor performs personally?About which aspect of a company’s internal control is the auditor primarily concerned?Would the auditor be likely to test and attempt to rely on ICFR for the financial statement audit if ICFR changed during the year? Why?
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