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1. The terms of the engagement and any statutory responsibilities
2. The nature and timing of the reports
3. The applicable legal and statutory requirements
4. The accounting policies adopted by the client and changes in those policies
5.The identification of significant audit areas
6. The setting of materiality levels for audit purposes
An audit plan starts with the Risk assessment. While doing risk assessment the auditor starts with the organization then comparing the organization with the same type of other organization.
Once the risk assessment is finalized the outcomes are the areas that need to be more closely audited. A complete SWOT analysis is carried out.
There are various interviews within the organization, then auditors analytical skills to get information about the industry practices.
Afterward in case of external audit
Kick off meeting is held
Estimated number of staff to be allocated
Estimated number of hours give to the client
FS are obtained
Materiality is calculated
audit methodology is finalized and lastly
estimated time for audit to be finalized.
Thank you for the invitation.
In developing the overall audit plan, the following should be considered: