Audit Planning and Preparation. You are advised of a new assignment as in-charge accountant of your Wirtschaftspriifer firm's recurring annual audit of a major client, the Lied Lieferung, GmbH. You are given the engagement letter for the audit covering the current calendar year and a list of personnel assigned to this engagement. It is your responsibility to plan and supervise the fieldwork for the engagement.

Required

Discuss the necessary preparation and planning for Lied Lieferung, GmbH, annual audit prior to beginning fieldwork at the client’s office. In your discussion include the audit process model.

Organize your answer along the line of the six procedures for Phase II, the planning phase.