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Planning Stage

3 Pages
Fall 2011

Financial Accounting
Course Code
Julie Mc Donald

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MGTD60 Plan Stage
StepsReason How
Make Pre-
Auditors try to reduce risk by
carefully managing engagement
Having right staff with right
Ensuring staff are independent
Timing of audit time budget
allows spread workload b/w
interim and yr-end periods
Comprise team of
engagement partner,
audit manager, 1+ senior
audit staff members,
staff assts, specialists,
tax partner, consulting
services partner, second
audit partner
Small firm 1 or 2 ppl
Propose plan for timing
of work based on prev
exp and KOB
Time reports of time
taken for audit
procedures to eval
efficiency of members,
billing client, planning
next audit of client
Obtain KOB Assess risk that F/S may contain
material misstatements
Establish overall audit strategy,
design audit plan and audit
Understand business and
economic environment
such as national
economic policies,
geographic location, tax
and regulation, specific
industry characteristics
Apply preliminary
procedures on draft
Spot relationships in accounts as
indicators of problems and to
plan further audit work
Draft statements show
relationships that dont make
Indicates problems areas where
misstatements may exist
Attention directing
Provide starting point,
familiarity of business, organized
Identify relationships and chgs in
Horizontal analysis,
vertical analysis
Analyze cash flow
statements for

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MGTD60 Plan Stage Steps Reason How Make Pre- Auditors try to reduce risk by Comprise team of engagement carefully managing engagement engagement partner, arrangements Having right staff with right audit manager, 1+ senior competency audit staff members, Ensuring staff are independent staff assts, specialists, Timing of audit time budget tax partner, consulting allows spread workload bw services partner, second interim and yr-end periods audit partner Small firm 1 or 2 ppl Propose plan for timing of work based on prev exp and KOB Time reports of time taken for audit procedures to eval efficiency of members, billing client, planning
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