Question

- Type Questions
1. You have to conduct an annual audit". On what points will you pay
forming out preliminary preparations with regard to audit​

Answer 1

Explanation:

Introduction

.01       This standard establishes requirements regarding planning an audit.

Objective

.02       The objective of the auditor is to plan the audit so that the audit is conducted effectively.

Responsibility of the Engagement Partner for Planning

.03       The engagement partner1 is responsible for the engagement and its performance. Accordingly, the engagement partner is responsible for planning the audit and may seek assistance from appropriate engagement team members in fulfilling this responsibility. Engagement team members who assist the engagement partner with audit planning also should comply with the relevant requirements in this standard.

Planning an Audit

.04       The auditor should properly plan the audit. This standard describes the auditor's responsibilities for properly planning the audit.2

.05       Planning the audit includes establishing the overall audit strategy for the engagement and developing an audit plan, which includes, in particular, planned risk assessment procedures and planned responses to the risks of material misstatement. Planning is not a discrete phase of an audit but, rather, a continual and iterative process that might begin shortly after (or in connection with) the completion of the previous audit and continues until the completion of the current audit.