Audit Planning

Auditing is regulated more now than ever before. Due to high profile fraud cases, such as Enron, auditors are constantly in the spotlight. The consequences of performing a poor or, even worse, a negligent audit could be severe in terms of both damage to reputation and possible litigation. It is therefore vital that auditors have an appropriate system of quality control to ensure that they perform their engagements effectively.

One of the elements of a good quality control in an audit is planning. The main elements the planning process include devising and audit strategy and an audit plan, the aims of which are to reduce audit risk.

In addition auditors must consider their responsibilities with regard to fraud and laws and regulations.

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