Planning the audit:
Audit planning means mapping out the whole audit procedure before conduct the audit activity. It involves the development of an overall strategy or game plan for expected conduct and scope of the audit. Planning the audit includes establishing the in general audit policy for the engagement and developing an audit plan, which includes, in exacting, planned risk assessment procedures and planned responses to the risks of material misstatement.
The plan which will be taken that is audit planning. Points to be considered to be taken for audit planning –
- For the scope of the audit.
- To know the internal cheek and internal control system of the organization.
- To know the accounting system of the organization.
- To know preparation of audit program.
- To determination of nature of the audit.
- To determination of nature of depth of the audit.
- To determination during of audit.
- To planning workforce.
- To determine the objectives of the audit.
- To determination of the remuneration of the auditor.
