Audit. Audit planning, purpose and principles (most important)

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Audit. Audit planning, purpose and principles (most important)

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16. AUDIT PLANNING, PURPOSE AND PRINCIPLES

The Auditing Organization should begin planning the audit before the letter of engagement is written and before the conclusion of the audit contract.

Planning - the initial stage of the audit, consists in developing a general audit plan indicating the expected volume, schedules and timing of the audit, as well as developing a program that determines the scope, types and sequence of audit procedures.

The principle of integrated planning audit involves ensuring the interconnection and consistency of all stages of planning - from preliminary planning to drawing up a general plan and audit program.

Planning continuity principle audit is expressed in the establishment of associated tasks for a group of auditors and the linkage of planning stages in terms of timing and related economic entities (structural divisions allocated to a separate balance sheet, branches, representative offices, subsidiaries). When planning an audit for a long period of time, in the case of audit support for an economic entity, the audit organization should timely adjust plans and programs for the audit during the year, taking into account changes in the financial and economic activities of the economic entity and the results of intermediate audits.

The principle of planning optimality audit lies in the fact that in the planning process of the audit organization, planning variability should be provided to be able to select the best option for the overall plan and audit program based on criteria determined by the audit organization itself.

There are the following audit planning stages:

1) preliminary plan;

2) general plan;

3) program.

Audit planning is governed by Federal Rule (Standard) No. 3 "Audit Planning". The overall audit plan and audit program should be updated and revised as necessary during the course of the audit. The auditor's planning of his work is carried out continuously throughout the duration of the audit engagement due to changing circumstances or unexpected results obtained during the performance of audit procedures. Reasons for significant changes to the overall audit plan and program should be documented.

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