Planning overview: defining objectives, review of prior year’s working papers, risk assessment, work program and time budget. How to overcome the major deterrents to effective planning. Audit tests and procedures: purposes, types and interrelationship. Linking the assessed risk and the nature, timing and extent of audit procedures. Approaches to developing the audit program. Emphasis on quality of work, efficiency and effectiveness, and auditor’s responsibility.
Upon completion of this course participants should be able to:
1. Select an adequate overall strategy for the audit.
2. Make an assessment of audit risk and materiality.
3. Get an understanding of the entity and its environments.
4. Assess internal controls.
5. Comply with other required documentation in accordance with generally accepted auditing