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The planning memorandum sets out the audit approach, how, whom and when each item in financial statements will be audited timing requirements of the audit and staff usage with time budget for each set of audit work. It generally contains the following.
•• A summary of terms of engagement required to set out the nature of the audit work.
•• A job timetable giving provisional dates of the timing of the audit.
•• Records of any changes about the client since last audit e.g. changes in management structure.
•• Background information about the client.
•• Details of key client contacts.
•• Extent of reliance expected on internal control system.
Wilfykil answered the question on April 11, 2019 at 10:03
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