Planning an audit
You'll learn how auditors plan an effective audit by establishing an overall strategy and detailed plan, then identify audit risks from client scenarios and determine the appropriate auditor response.
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In this lesson
- 0:00 Audit planning overview and objectives
- 1:04 Audit strategy versus detailed audit plan
- 2:43 What goes into the audit strategy
- 3:12 Building the detailed audit plan
- 4:04 How audit risk drives planning decisions
- 5:01 Identifying audit risks from scenarios
- 6:09 Auditor response to identified risks
- 8:16 Linking transactions to financial statement risks
About this lesson
This lesson covers the two-stage planning process—from high-level audit strategy through to specific procedures—and shows you how to spot where financial statement misstatements are likely and what extra testing the auditor should do. You'll also explore how audit planning reduces audit risk and ensures resources focus on the areas that matter most. This is core content for the Audit and Assurance (AA) module and directly relevant to exam requirements where you'll analyse scenarios, identify risks, and explain the auditor's planned response.
Duration: 11m
Transcript
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