Planning is the essential first step in the audit process and the foundation of a successful audit. There are 4 steps highlight below.

1. Evaluate adequacy of control design.

2. Create a test plan.

3. Develop a work program.

4. Allocate resources to the engagement.

Assume that you are planning an audit; for each step, discuss:

1. Why the step is important.

2. What could go wrong if the step is not performed.

Provide an introduction and a conclusion for the entire assignment.

Provide a full paragraph for each step. The assignement should be 1 page and a half.