Audit planning process allows the audit senior to acquire adequate knowledge about the entity. This process ensures an effective control and review of audit work.
- Explain the auditor’s planning process when planning for an audit of a new client. (8 marks)
- How does audit planning assist in the conduct of an audit? (5 marks)
- Explain the following controlling procedures in a well planned audit:
- Direction and supervision of work (2 marks)
- Review and co-coordinating of work (2 marks)
- Quality controls (3 marks)
What should be included in an audit-planning memorandum?