An overview of audit planning

An overview of audit planning

Why audit planning is needed?

(a) To give Auditor appropriate attention to important areas of the audit.

(b) To identify and resolve potential problems on a timely basis.

(c) To be performed in an effective & efficient manner

(d) Select team members with appropriate capabilities & skills

(e) To give direction and supervision of team members & the review of their work

(f) To coordinate work done by auditors of components and experts if needed

This is how we do audit planning @ KTP according to International Standards on Auditing (ISAs)

1. Management assign the audit job

2. PIC do the audit planning memorandum (APM)

3. Management review the APM and raise query accordingly.

4. Partner review the APM and raise queries accordingly.

5. PIC clear the APM queries.

6. Manager & partner review APM queries

6. PIC arrange a group meeting with members on big assignment (if applicable) together with manger and partner

Audit planning Activities Consist of:

(a) define its scope;

(b) Plan:

i) timing of the audit

ii) nature of the communications required

(c) Consider the auditor’s professional judgment,

(d) Plan audit team who is knowledge gained for the entity is relevant

(e) Ascertain the nature, timing, and extent of resources necessary to perform the engagement.

Audit documentation consists of:

(a) The overall audit strategy;

(b) The audit plan; and

(c) Any significant changes made during the audit engagement

Source:

https://www.ifac.org/system/files/downloads/a016-2010-iaasb-handbook-isa-300.pdf

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