Discussion ?'s

Question 1

What is an audit plan?

Answer 1

Comprehensive list of specific audit procedures that the audit team needs to perform I order to gather sufficient appropriate evidence on which to base their opinion on the F/S

Question 2

What are the steps of the audit plan?

Answer 2

• gain an understanding of the clients business, industry, and strategy to achieve competitive advantage in their marketplace.
• gain an understanding if the clients business risk.
• perform risk assessment
• develop a staging plan
• prepare a time budget