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Explain the importance of audit planning.

      

Explain the importance of audit planning.

  

Answers


Kavungya
- That appropriate attention is devoted to key audit areas and significant risks.
- That potential problem are identified and resolved on a timely basis.
- That the engagement is properly organised and managed in order to be performed in an
effective and efficient manner.
- Proper assignment of work to the engagement team and also makes the engagement
team aware of their responsibilities.
- Proper direction and supervision of the engagement team and review of their work; and
assists, where applicable, in the coordination of work done by the auditors of
components and experts.
Kavungya answered the question on May 14, 2019 at 12:46


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