AUD-Lesson 1 - Audit Planning

Question 1

What is the audit program / audit plan?

Answer 1

A step-by-step list of procedures that are required for every GAAS audit?

Question 2

What are the three key considerations in every audit program?

Answer 2

Materialtiy
RMM
Business and industry considerations

Question 3

What are the audit planning procedures?

Answer 3

BRAINSTOPS

Basic discussions with client

Review of audit documentation

Ask about recent developments

Interim Financial statements

Non-audit personnel

Staffing

Timing

Outside assistance

Pronouncements

Scheduling with client