External audits usually use a formal plan for auditors to follow. In most cases, an audit plan consists of the following phases: The planning phase is when external auditors meet with company management to determine which accounting processes will be audited and what the depth and breadth of the audit should be.
Added to Your Shopping Cart Add to cart Description More now than ever before, auditing is in the spotlight; legislators, regulators, and top executives in all types of businesses realize the importance of auditors in the governance and performance equation.
Previously routine and formulaic, internal auditing is now high-profile and high-pressure! Being an auditor in today's complex, highly regulated business environment involves more than crunching the numbers and balancing the books-it requires ensuring that appropriate checks and balances are in place to manage risk throughout the organization.
Designed to help auditors in any type of business develop the essential understanding, capabilities, and tools needed to prepare credible, defensible audit plans, Audit Planning: A Risk-Based Approach helps auditors plan the audit process so that it makes a dynamic contribution to better governance, robust risk management, and more reliable controls.
Invaluable to internal auditors facing new demands in the workplace, this book is also a "hands-on" reference for external auditors, compliance teams, financial controllers, consultants, executives, small business owners, and others charged with reviewing and validating corporate governance, risk management, and controls.
The second book in the new Practical Auditor Series, which helps auditors get down to business, Audit Planning: A Risk-Based Approach gives new auditors principles and methodologies they can apply effectively and helps experienced auditors enhance their skills for success in the rapidly changing business world.Good audit planning is essential to audit success and can yield improved results.
Audit planning is a vital area of the audit primarily conducted at the beginning of audit process to ensure that appropriate attention is devoted to important areas, potential problems are promptly identified, work is completed expeditiously and work is properly coordinated.
Good audit planning is essential to audit success and can yield improved results. Once planning is complete, a written internal audit plan should be developed and communicated to management. The plan should include background information; a summary of the risk rating methodology and staffing allocations; and audit plan details.
Chapter Audit Planning and Analytical Procedures The Need for Adequate Audit Planning. Your text points out three reasons why proper planning of an engagement is crucial: 1) to obtain sufficient competent evidence, 2) to keep audit costs reasonable, and . Audit plan relates to preparations made by the auditor for one specific audit engagement.
While audit planning memorandum is a standing arrangement made by the auditor for the continuing engagement of a particular client. Hence, an audit plan for the audit of.