How to do an audit planning for a new client at an audit firm?

Through know your customer form/ Procedure.

Planning an audit requires that the planning stage of the audit should be used to establish an overall strategy, develop an audit plan, and reduce audit risk to an acceptably low level. The standard also requires that: Auditors should plan the audit work so that the engagement is performed in an effective manner.

1. Audit Risk analysis.

2. Know your client procedures.

3. Analytical procedures.

4. Clearance from previous auditor(If permitted by client)