Audit planning involves the engagement team creating an Auditor workload audit plan, identifying areas of risk and other areas that require greater skepticism.
ISA 300 “Audit Planning” states that adequate planning assists in performing an audit of financial statements, in particular:
helps the auditor to pay appropriate attention to important areas of the Auditor workload audit;
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helps the auditor identify and resolve potential problems in a timely manner;
helps the auditor to properly organize and manage the audit task for its effective and qualified performance;
helps select engagement team members with the appropriate level of ability and competence to respond to anticipated risks, and facilitates the appropriate division of labor is technology reducing personal effectiveness? among them;
facilitates the management and supervision of engagement team members, as well as the review of their work;
assists, where appropriate, in coordinating the work of component auditors and experts.
Audit planning involves determining the overall audit strategy for the engagement and developing the audit plan. The process of determining the overall audit strategy helps the auditor address, among other things, issues such as:
Resources required for specific areas of the audit
the number of resources required to cover specific ao lists areas of the audit, such as the number of audit team members or the audit time budget in hours;
the time of application of such resources.
It is also worth mentioning the objective of the audit, as outlined in ISA 200 “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing”: to express an opinion by the auditor on whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework.