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.

 

Posted Date: 9/3/2013 2:57:30 AM | Location : United States

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