NEW
Font size
WorksheetsGROUP 3: AUDIT PLANNING
Total questions: 15
Worksheet time: 14mins
An indefinite plan of analytical procedures and all substantive tests to be performed in the course of the audit
Document that provides an overview of the company and a general plan for the audit work to be accomplished, timing of the work, and other matters of concern to the audit.
Generic document that auditing firms have developed to lead the process of the audit through a systematic and logical process.
Budget of the time that should be necessary to complete each phase of the audit procedures.
Client Acceptance Stage
Planning Stage
Performing Stage
Reporting Stage
Confidentiality
Professional Skepticism
Belief In Management
Passionate
Materiality
Misstatements
Error
Fraud
Annualized Interim Financial Statements
Prior Years' Financial Statements
Budgeted Financial Statements of the Current Year
Competitor's Financial Statement
Risk Assessment Procedures
Analytical Procedures
Audit Risk Procedures
Control Risk Procedures
Direct
Inverse
Parallel
None
Detection risk
Control risk
Inherent risk
Audit risk
Inherent risk
Control risk
Detection risk
Audit risk
Audit Procedure
Audit Program
Audit Plan
Audit Risk Model
To help keep audit cost reasonable
To avoid misunderstandings with the client
To enable the auditor to obtain sufficient competent evidence
To enable proper on the job training of employees
Reviewing working papers of the prior year
Designing an audit program
Performing analytical procedures
Test of controls
Overall Materiality
Specific Materiality
Performance Materiality
Direct Materiality
Audit Risk Documentation
Audit Documents
Controlling of Documents
Planning Documents
Risk Management Tool
Hazard Risk Practice Tool
Audit Risk Tool
Credit Risk Tool
