Audit Planning
INTRODUCTION
Audit Planning and reporting
Auditing planning and reporting are two critical stages in whole audit Cycle.
Audit planning is before beginning of field work and reporting is last Stage in bank audit
Good planning leads to effective Reporting
Planning (also called forethought) is the process of thinking about and organizing the desired activities required to achieve a desired goal. Planning involves the creation and maintenance of a PLAN. As such< planning is a fundamental property of intelligent behavior. This thought process is essential to the creation and refinement of a plan, or integration of it with other plans; that is , it combines forecasting of developments with the preparation of scenarios of how to react to them. In organizations planning is a management process , concerned with defining goals for company’s future direction and determining on the missions and resources to achieve those target .To meet the goals, managers may develop plans such as a business plan or a marketing plan. CAS 300 Planning an Audit of Financial Statements requires that an auditor plans
Their audit to reduce audit risk to an acceptably low level. Audit risk is the risk that
An auditor issues an unmodified or clean audit opinion when the financial statements
Are in fact materially misstated. The planning stage involves determining the
Audit strategy as well as identifying the nature and the timing of the procedures to
Be performed. This is done to optimize efficiency and effectiveness when conducting
An audit. Efficiency refers to the amount of time spent gathering audit evidence.
Effectiveness refers to the minimization of audit risk.
A report is any information work(usually of writing, speech, television, or film) made with specific intension of relaying information or recounting certain events in a widely presentable form. Written reports are documents which present focused, sailent content to a
Audit Planning and reporting
Auditing planning and reporting are two critical stages in whole audit Cycle.
Audit planning is before beginning of field work and reporting is last Stage in bank audit
Good planning leads to effective Reporting
Planning (also called forethought) is the process of thinking about and organizing the desired activities required to achieve a desired goal. Planning involves the creation and maintenance of a PLAN. As such< planning is a fundamental property of intelligent behavior. This thought process is essential to the creation and refinement of a plan, or integration of it with other plans; that is , it combines forecasting of developments with the preparation of scenarios of how to react to them. In organizations planning is a management process , concerned with defining goals for company’s future direction and determining on the missions and resources to achieve those target .To meet the goals, managers may develop plans such as a business plan or a marketing plan. CAS 300 Planning an Audit of Financial Statements requires that an auditor plans
Their audit to reduce audit risk to an acceptably low level. Audit risk is the risk that
An auditor issues an unmodified or clean audit opinion when the financial statements
Are in fact materially misstated. The planning stage involves determining the
Audit strategy as well as identifying the nature and the timing of the procedures to
Be performed. This is done to optimize efficiency and effectiveness when conducting
An audit. Efficiency refers to the amount of time spent gathering audit evidence.
Effectiveness refers to the minimization of audit risk.
A report is any information work(usually of writing, speech, television, or film) made with specific intension of relaying information or recounting certain events in a widely presentable form. Written reports are documents which present focused, sailent content to a