Audit Planning

Question 1

Meaning of Audit Planning

Answer 1

Audit planning is a critical phase in the Audit process which sets the foundation for a successful and efficient Audit. It involes development of a strategical approach to examine a organizations financial statements, Internal controls and compliance to the relevant laws and regulations

Question 2

Benefit of Audit Planning

Answer 2

1. Enhanced Audit Quality
2. Efficiency
3. Risk management
4. Client satisfaction

Question 3

Challenge of Audit Planning

Answer 3

1. Complexity of Client’s business
2. Tight deadlines
3. Client Co-operation
4. Changing regulations