Audit Planning – Procedures & Documentation

Overview:

Audit planning is the most important part of an audit as it inquires and investigates all aspects of an entity being audited to identify risks of material misstatement, which are then used to determine the audit approach. Regulatory and monitoring experience in the profession has shown that many findings relate to basic concepts of knowledge of the entity and risk assessment.

Internal control and risk assessment are areas of planning which are addressed in separate courses. This training covers the other areas of audit planning which are very important, and a variety of standards sets out the required procedures.

Most of the areas forming part of audit planning are very adaptable according to the circumstances of the entity being audited. Therefore, professional judgement is very important in determining the nature and extent of procedures to gather information, the depth of inquiry and inspection, and assessing the effect on risk on an entity.

This training will give participants an understanding of the audit planning procedures.

Content and outline:

To explain the following concepts:

• Partner responsibilities
• Preliminary activities
• Planning activities

Certification:

Upon completion of the training, participants will receive a verifiable attendance certificate.