Week 3 - Planning Flashcards by Verity Russell

Q

What is the first step in planning?

A

Risk assessment
- inherent risk
- control risk

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Q

What is the second step in planning?

A

Set materiality

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Q

What is the third step in planning?

A

Identify key risk areas

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Q

What is the fourth step in planning?

A

Plan audit work accordingly

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