Explain how you would develop an audit plan to provide a basis for expression of an audit option. Describe why internal controls are part of understanding of the client. Evaluate the client and their environment, including internal control. Describe how an auditor obtains an assessment of risks. Assess risks of material misstatement to design further audit procedures. Explain what tests of financial statement accounts auditors perform. Test financial statement accounts and balances, based on considerations of risks and internal controls.

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Developing an audit plan is a critical step in conducting an audit and providing a basis for expressing an audit opinion Heres a stepbystep guide on h... View the full answer