Planning-All-Handout

Auditing and Assurance Services

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Objectives Understand client acceptance and continuance decision and  procedures. Be able to identify the steps that are performed in planning an  audit engagement Understand how auditors obtain knowledge of a client’s  Understand types and role of planning analytical procedures Know the types of information included in an engagement letter  & planning memo
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Overview of the Audit Process
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What are the stages of an audit? Accept Engagement  Terms Plan  Audit Issue Audit  Report Perform Tests of Substantive Testwork Audit Wrap-up Planning
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be the auditor Obtain (or update) an understanding of important events that  have affected the client and its operations Identify areas of the engagement that may represent special risks  to the public accounting firm.  Ensure that the engagement can be        completed in a timely  fashion Develop an audit plan/program
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What are steps commonly performed in  planning? Evaluate client Set materiality Preliminary analytical procedures Identify related parties Assess risks Develop audit program Determine staffing Develop time budgets
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Assess fraud risk Assess internal control risk Assess inherent risk Assess audit risk Evaluate Client Gain an understanding of client & Industry
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Evaluate Client Do we want them as a client? Why do they want an audit? What risks are associated with taking them on as a 
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