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Assignment on Audit Planning (pdf)

Added on - 08 Dec 2020

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AUDITING
ABSTRACTAudit planning is important because it firstly helps in assessing the risk so that areaswhich hold the greatest risk and errors because of which lead to professional liability claims mayget identified. Audit planning is considered as one of the important area at a beginning stage ofaudit process in order to ensure that appropriate preparation has been taken for identifyingpotential problems and to develop proper coordination of the work. In this report, bothdescriptive and critical writing related to Sufficient, appropriate audit evidence, Reasonableassurance and Free from material misstatement in auditing has been evaluated. Further, criticalexamination has been done on if audit planning can still avoid material misstatement due to fraudor error. Therefore, it can be summarised thataudit planning plays an important role for auditorbefore starting process of analysing entity's economic action of conducting business operation.
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN CONTENT/ ARGUMENT..................................................................................................1Sufficient, appropriate audit evidence.........................................................................................1Reasonable assurance..................................................................................................................2Free from material misstatement.................................................................................................2Critically examining if audit planning can still avoid material misstatement due to fraud orerror.............................................................................................................................................3CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
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