Week 1 - Audit Process - Planning Flashcards by Verity Russell

Q

What is the first step of planning?

A

Risk assessment
- inherent risk
- control risk

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Q

What is the second step of planning?

A

Set materiality

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Q

What is the third step of planning?

A

Identify key risk areas

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Q

What is the fourth step of planning?

A

Plan audit work accordingly

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Q

What are the four steps of planning?

A

risk assessment
set materiality
identify key risk areas
plan audit work accordingly

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