As part of the audit planning phase, the issue of a time budget for the completion of the audit is essential to allocate the hours and resources among the various sections of the audit file. Ima Genius is an audit manager who plans/hopes to become partner of the local firm and as such he feels that his ability to get audits completed within or under the budgeted time will enhance his opportunity to move into the partner role and the corner office that comes along with this role and a nice raise.

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1 Gretas approach on charging for audit work performed by her for 25 hours is unfair as actual time spent by her on an engagement compared to its budg... View the full answer