Question
Auditplanninginvolvesthedevelopmentofanoverallauditstrategythatsetsoutthegeneraldirectionandscopeoftheaudit. Fromthisgeneralstrategy,amoredetailedauditplanisdevelopedthatsetsouttheprocedurestobecarriedoutintheaudit. Adequateplanninghelpstoensure: thatappropriateattentionisgiventoimportantareasoftheaudit, thatproblemsareidentifiedproperly,and thatworkiscompletedexpeditiously Describeand explainthe five (5) steps in planning an audit.
Auditplanninginvolvesthedevelopmentofanoverallauditstrategythatsetsoutthegeneraldirectionandscopeoftheaudit.
Fromthisgeneralstrategy,amoredetailedauditplanisdevelopedthatsetsouttheprocedurestobecarriedoutintheaudit.
Adequateplanninghelpstoensure:
thatappropriateattentionisgiventoimportantareasoftheaudit,
thatproblemsareidentifiedproperly,and
thatworkiscompletedexpeditiously
Describeand explainthe five (5) steps in planning an audit.
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Fundamental Accounting Principles Volume 1
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
15th Canadian Edition
