Audit Planning
Audit Planning
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Audit Planning
Introduction
Auditing is a vital activity, in every business activity. The International Auditing and Assurance Standards Board (IAASB) is the overall organization that sets international standards for assurance, auditing and other related fields, globally. The organization ensures that there is the harmonization of all international and national auditing and assurance standards to enhance uniformity, in accounting, globally (Spencer, 2006). In addition, the IAASB ensures that there is consistency, in auditing, across all nations, in the world. Further, IAASB seeks to maintain support from the public over the reports regarding auditing and assurance. Before an accountant starts his audit work, there is a need for him to have a plan of work. This paper focuses on the significance of audit planning to an auditor who is willing to engage with a multinational company. In this case, the paper focuses on the value of having an audit plan for Golden Ale, a multinational company dealing in the manufacture and bottling of brews.
Audit Planning
Audit planning is vital for every business that seeks to have a competitive edge over its neighbors. The purpose of a plan to the auditor is to ensure that there is consistency in the work he/she carries out during the plan. The engagement process involves a team of engagement partners. The team members offer assistance to the engagement partner, and must comply with the relevant standards of auditing. Further, the generally Accounting Standards (GAAS) explains the responsibilities of the auditor, in audit planning. According to GAAS, audit planning involves establishing the overall rules of engagement with the client. In particular, audit planning involves the planned risk assessment and also planned response to material misstatement. It is worth noting that audit is not an isolated process, in an organization; rather, he/she
Name:
Course:
Tutor:
Date:
Audit Planning
Introduction
Auditing is a vital activity, in every business activity. The International Auditing and Assurance Standards Board (IAASB) is the overall organization that sets international standards for assurance, auditing and other related fields, globally. The organization ensures that there is the harmonization of all international and national auditing and assurance standards to enhance uniformity, in accounting, globally (Spencer, 2006). In addition, the IAASB ensures that there is consistency, in auditing, across all nations, in the world. Further, IAASB seeks to maintain support from the public over the reports regarding auditing and assurance. Before an accountant starts his audit work, there is a need for him to have a plan of work. This paper focuses on the significance of audit planning to an auditor who is willing to engage with a multinational company. In this case, the paper focuses on the value of having an audit plan for Golden Ale, a multinational company dealing in the manufacture and bottling of brews.
Audit Planning
Audit planning is vital for every business that seeks to have a competitive edge over its neighbors. The purpose of a plan to the auditor is to ensure that there is consistency in the work he/she carries out during the plan. The engagement process involves a team of engagement partners. The team members offer assistance to the engagement partner, and must comply with the relevant standards of auditing. Further, the generally Accounting Standards (GAAS) explains the responsibilities of the auditor, in audit planning. According to GAAS, audit planning involves establishing the overall rules of engagement with the client. In particular, audit planning involves the planned risk assessment and also planned response to material misstatement. It is worth noting that audit is not an isolated process, in an organization; rather, he/she
References: Efrim, B., & Institute of Internal Auditors: Research Foundation. (1983). Planning for the internal audit function. Michigan: Institute of Internal Auditors Research Foundation. Larry, E., Karia, M., & Audrey, A. (2011). Auditing: A business risk approach, 8th ed.: A business risk approach. Stamford: Cengage Learning. Michael, C. (2013). Contemporary auditing: Real issues and cases. Mason, OH: southern west Cengage Learning. Ravinder, K., & Virender, S. (2005). Auditing-Principles and practice. New Delhi: Prentice- hall of India. Spencer, P. (2006). Audit planning: A risk- based approach. Hoboken: John Wiley & Sons.