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Report on Planning of Audit

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Added on  2020-02-24

Report on Planning of Audit

   Added on 2020-02-24

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Report on Planning of Audit_1
EXECUTIVE SUMMARYThe title of the report is New Client – Audit Planning. As the title states, the report has beenprepared for planning of the audit of new client. The main aim of this report is to identify whatare the steps that the auditor shall take into consideration while planning the audit so that theaudit can be conducted effectively. The major steps that have been considered are performinginitial audit planning, understanding the clients business, assessing the risk being faced by thebusiness and performing analytical procedures. The second major aim is to plan the audit withrespect to the industry and the nature of business in which the client functions. With these twomajor aims the report has been prepared with sufficient headings. 2
Report on Planning of Audit_2
ContentsEXECUTIVE SUMMARY.................................................................................................................................2INTRODUCTION...........................................................................................................................................4PLANNING THE AUDIT.................................................................................................................................4INITIAL AUDIT PLANNING........................................................................................................................5UNDERSTANDING CLIENT’S BUISNESS AND INDUSTRY............................................................................5ASSESSMENT OF CLIENT BUSINESS RISK..................................................................................................6PRELIMINARY ANALYTICAL PROCEDURES................................................................................................6SUITABLE AUDIT TESTS................................................................................................................................8CONCLUSION AND RECOMMENDATION.....................................................................................................8REFERENCES................................................................................................................................................93
Report on Planning of Audit_3

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