ISA 300 PLANNING AN AUDIT OF FINANCIAL STATEMENTS

 Planning an audit includes establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in such ways: helping the auditor to pay appropriate attention to important areas of the audit, helping the auditor to  identify and resolve potential problems, helping the auditor properly organize and manage the audit engagement, assisting in the selection of engagement team members.

ISA 300 deals with the auditor’s responsibility to plan an audit of financial statements and apply in the context of recurring audits.

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