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Q3. An effective and efficient audit relies on proper planning procedures. The planning process is covered in general terms by ISA 300, planning an

Q3. An effective and efficient audit relies on proper planning procedures. The planning process is covered in general terms by ISA 300, planning an audit of financial statements which states that the auditor shall plan the audit so that the engagement is performed in an effective manner. Briefly outline five (5) importance for planning an audit as per ISA 300. 10 Marks

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