Transcription of Planning an Audit - AICPA
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Planning an Audit - AICPA
Planning an Audit277AU-C Section 300 Planning an AuditSource: SAS No. 122; SAS No. 128; SAS No. for audits of financial statements for periods ending on orafter December 15, 2012, unless otherwise of This section addresses the auditor's responsibility to plan an Audit offinancial statements. This section is written in the context of recurring considerations in an initial Audit engagement are separately identi-fied in this section. Matters related to Planning audits of group financial state-ments are addressed in section 600,Special Considerations Audits of GroupFinancial Statements (Including the Work of Component Auditors). (Ref: .A3)The Role and Timing of an Audit involves establishing the overall Audit strategy forthe engagement and developing an Audit plan. Adequate Planning benefits theaudit of financial statements in several ways, including the following: Helping the auditor identify and devote appropriate attention toimportant areas of the Audit Helping the auditor identify and resolve potential problems on atimely basis Helping the auditor properly organize and manage the Audit en-gagement so that it is performed in an effective and efficient man-ner Assisting in the selection of engagement team members with ap-propriate levels of capabilities and competence to respond to an-ticipated risks and allocating team member responsibilities Facilitating the direction and supervision of engagement team
Planning an Audit 277 AU-CSection300 Planning an Audit Source:SASNo.122;SASNo.128;SASNo.134. Effective for audits of financial …
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