Planning the audit is essential for a. obtaining sufficient, appropriate evidence b. keeping costs reasonable to the

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Planning the audit is essential for a. obtaining sufficient, appropriate evidence b. keeping costs reasonable to the client c. avoiding a misunderstanding with a client. Elaborate on each step below for the auditor’s objective in achieving the above essential elements. Discuss in detail what each step consists of and give an example for each.

Accept the client and perform initial audit planning.
Understand the client's business and industry.
Assess client business risk.
Perform preliminary analytical procedures.
Set materiality levels and assess acceptable audit risk and inherent risk.
Understand internal control and assess control risk.
Gather information to assess fraud risks.
Develop overall audit plan and program.

Posted Date: Dec 11, 2021 08:53 PM

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Planning the audit is essential for a. obtaining sufficient, appropriate evidence b. keeping costs reasonable to the

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Responsibility of the Engagement Partner for Planning 03 The engagement partner1 is liable for the engagement and its performance Accordingly the engagement partner is chargeable for planning the audi... View the full answer

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