Audit Planning - Coursework Example

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Auditors are not exempted from the planning exercise. Auditors have to plan prior to their practise to ensure that they lay audit strategies that would…
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"Audit Planning"

Download file to see previous pages For the success of the planning process, an auditor has to observe several steps. They include risk assessment, conducting a survey, planning meeting and definition of scope and objectives of the audit.
Risk assessment is purposed to determine the risks involved in the planned audit. These risks if any can be evaluated to determine their levels and whether or not to be included in the current review. It also helps in deciding the extent of involvement of professionals with the specialised skills during the review process. In most occasions, these assessments are discussed with the firm’s department to get their perspective on the risks identified and their views.
A preliminary survey is conducted to allow an auditor get an overall understanding of the various departments within an organization and their operations. This helps in planning on time and resource allocation to the different audit areas. It also helps in identification of the direction, management and supervision of resources. This stage also enables auditors to design the strategy of the audit process for effective exercise and on time management.
After completion of the survey, a meeting with the organization’s heads is usually convened. This usually is carried out to discuss the strategies for the audit, and ensure that the information gathered during the survey is accurate and reviewing the level of risk assessed. Discussion of the audit scope and objectives is done at this stage. Documentation of the overall audit strategy and plan is compiled, and then the review process is then rolled to the firm.
An effective audit process can be executed if there exists a clear understanding of the client’s business operations. It is usually a challenge for many auditors to perform their operations without having knowledge of their client’s business. It is a requirement in the International Standards on Auditing for the auditor to have knowledge about the company and its ...Download file to see next pagesRead More
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