Question

Audit planning is a new stand-alone module that allows users to assess audit requirement properly and allocate appropriate resources as per their availability.

so that audit need is correctly met and plan can be effectively implemented. In this module, various parameters are used to arrive at error-free resource utilization and efficient execution.

For More details kindly access the below document.

usp=share_linkhttps://drive.google.com/file/d/1XyHyUTiF5ozH5bRVCWPRu5yvV2uaQN3B/view?usp=share_link

Answer 1

Audit planning is the process of determining scope, objectives and timing of an audit. It involves assessing risks associated with audit, developing an audit strategy, and creating an audit plan. Audit plan should include objectives of audit, scope of audit, timeline for completion, resources needed and audit procedures to be used. Audit plan should also include a risk assessment to identify any potential risks that could affect audit.