TAILIEUCHUNG - Lecture Auditing & assurance services (5th edition) - Chapter 3: Engagement planning

Chapter 3: Engagement planning. In this chapter, you will: List and describe the required pre-engagement activities that auditors undertake before beginning an audit engagement; understand the importance of planning the audit engagement so that it is conducted in accordance with professional standards; define materiality and explain its importance in the audit planning process;. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 03 Engagement Planning "Vision without action is a daydream. Action without vision is a nightmare.” Japanese Proverb 3- Learning Objectives List and describe the required pre-engagement activities that auditors undertake before beginning an audit engagement. Understand the importance of planning the audit engagement so that it is conducted in accordance with professional standards. Define materiality and explain its importance in the audit planning process. List and describe the eight general types of audit procedures for gathering evidence. List and discuss matters of planning that auditors should consider related to the client’s computer environment and describe how CAATs can be used to improve the efficiency of the audit process. Define what is meant by the proper form and content of audit documentation. 3- Pre-Engagement Activities Client Acceptance or Continuance Communication between predecessor and prospective auditors Compliance with Independence and Ethical Requirements Engagement Letters Termination Letter 3- Audit Plan A comprehensive list of the specific audit procedures that the audit team needs to perform to gather sufficient appropriate evidence on which to base their opinion on the financial statements When planning the engagement, the auditor needs to develop and document a plan the describes the procedures to be performed to assess the risk of material misstatement at the financial statement and assertion level The auditor must then carefully plan the nature, timing and extent of control tests and substantive tests that are designed to mitigate these risks to an acceptable level 3- Considering the Work of Internal Auditors Must obtain an understanding of a client’s internal audit department and its work Audit efficiency can be realized when the two groups work together Prior to using the work of internal auditors, external

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