Explain the concepts of planning the work, Financial Management

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Explain the concepts of Planning the work

  • Determine scope and objective of the audit (to verify assets, to check adequacy of internal controls etc...).
  • Ensuring appropriate attention is devoted to different areas of the audit (risk based audit).
  • Changes in business environment (changes in key personnel, new systems,competitor's reactions, consumer preferences, innovations in the market, board decisions, legislation etc...)
  • Consider external auditors work already done.
  • Review previous accounts, internal audit reports and past testing (analytical review and previous problems highlighted).
  • Ensuring that potential problems are identified.
  • Facilitating review.
  • Ensure audit work is assigned and co-ordinated properly (select team, book hotels, brief, communicate and allocate work schedules).
  • Economic service within an appropriate time scale.

 


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