Audit
Planning
Plan
the audit, having regard to the particular objectives and scope of the audit
under consideration, deciding where to concentrate their work and on the
allocation of resources.
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| Audit Team |
Perform risk assessment Procedures
and identify risks
Understand the entity
Evaluate entity level controls
Identify financial statement level
risks, including fraud risks
Identify Significant accounts and
disclosures
Assertion level inherent risks, including
fraud risks
Determine audit strategy
Materiality
Timing & team assignments,
involvement of others
Determine planned audit approach
Determine audit objectives
Assess inherent risk of error
Classes of transactions
Account balances derived from
estimates
other account balances
Disclosures
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