Audit Plan (2) Flashcards
1
Q
Examples of itens included in audit plan (timetable)
A
Timetable of planned audit work
2
Q
Examples of items included in audit plan (allocation)
A
Allocation of work to audit team members
3
Q
Examples of items included in audit plan (procedures)
A
Audit procedures for each major account area (e.g. inventory, receivables, cash)
4
Q
Examples of items included in audit plan (materiality)
A
Materiality for financial statements as a whole and performance materiality
5
Q
What could happen during the audit?
A
Auditor may need to modify the overall audit strategy or audit plan
6
Q
Why is need to modify necessary?
A
Any unexpected events, changes in conditions or audit evidence obtained
7
Q
What happens with all decisions?
A
Must be documented and reviewed
