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Give advantages of good audit planning

Give advantages of good audit planning

Answers

Wilfred
•• Establishes the intended means of achieving the objective of the audit.
•• Assist in the direction and control of the audit work.
•• A good plan assists in the proper utilization of audit assistants and in coordination of
work done by other auditors and specialists.
•• Helps ensure that attention is devoted to important areas of the audit. The planning
process identifies potential problematic areas e.g. areas with weak internal controls
where more detailed substantive testing should be carried out.
•• Helps ensure that work is completed expeditiously through more efficient use of time
and proper allocation of work to audit staff.
•• Ensures proper division of work between the interim and the final audit avoiding
repetition of work already done.
•• Takes into consideration times when information needed for audit proposes is available
and when the client is not very busy. This encourages cooperation by ensuring less
disruptions of client’s work.
Wilfykil answered the question on April 11, 2019 at 09:54

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