Audit planning: It is the process of designing and developing a strategy or roadmap for conducting an audit.
It involves defining the scope and objectives of the audit, identifying potential areas of risk or concern, determining the resources need to carry out the audit, and creating a timeline for completing the audit.
During the plannings phase, the auditor will typically review and assess the client’s internal controls and accounting systems, gather information and documentation relevant to the audit, and determine the audit approach and procedures to be follow.
The primary goal is to ensure that the audit is conduct effectively and efficiently, with a focus on identifying and addressing any material misstatements or noncompliance with relevant laws and regulations.
Proper planning can also help to minimize disruption to the client’s business operations, reduce audit costs, and improve the overall quality of the audit.
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