Identify and describe at least three aspects of proper audit planning and why they are important.

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The audit planning is necessary to conduct a effective audit in an efficient and timely manner. Aspects to be covered for proper audit planning are:-

Knowledge of Client’s business: acquiring knowledge of clients business, accounting system, policies and internal control procedures.
Reliance on Internal control: establishing expected degree of reliance on internal controls
Nature, Timings and Extent of audit Procedure: Determining and programming the nature, timings and extent of the audit procedures to be performed.
Cordination of Work: Cordinating the work to be perfomed during audit.

Importance of above aspects in planning are :-

To Devote appropriate attention to important areas
Identify and resolve the potential problems on timely basis
Properly organised and managed audit
Assist selection of engagement team members with requisite capabilities and competence
Facilitating direction and supervision of engagement team

ekkarill92 answered 1 year ago

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