Question

Audit planning definition and objectives of audit planning and steps involved in audit planning

Answer 1

The users include equity holders, lenders, creditors. Audit planning is important because auditors should plan the audit so as to reduce audit risk. The auditor should plan the nature, timing, the extent of direction and supervision of the engagement team members, and review of the work.

Answer 2

Answer:

The audit planning phase includes procedures such as gaining an understanding of the client and its business, making risk and materiality assessments, determining an auditstrategy.