Explain the process of audit planning to determine risk assessments and an overall audit strategy;

Explain the process of audit planning to determine risk assessments and an overall audit strategy;.

1.1- Identify and distinguishbetween tests of controls,substantive tests oftransactions
and substantive tests of balances.
1.2- Identify and understand when the auditor will undertake substantive audit
procedures in response to specific assessed risks of material misstatement.
1.3- Understand how assertions relate to accountbalances
1.4- Understand how to select the most efficient and effective combination of audit
procedures that allows them to achieve the audit objective
1.5– Active participation in an “audit team context” with professional group
discussions
1.6- Co-operationwith fellow studentsto produce a joint assignmentin a report format
on time and to a high standard along with power-pointslides.
The following Unit Learning Outcomes are applicable:
1. Demonstrate a thorough understanding of the reporting requirements of auditing
standards relating to auditors’ reports.
2. Explain how the audit planning process directs the auditor to obtain adequate
evidence to support audit findings and address the importance of materiality in an
audit;
3. Explain the process of audit planning to determine risk assessments and an overall
audit strategy;
4. Explain the auditors’ obligations with regards to understanding the client’s
business and internal controls, and assessing business risks.
5. Achieve a high level of competence in applying prescribed auditing techniques in
gathering evidence to satisfy audit assertions

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Explain the process of audit planning to determine risk assessments and an overall audit strategy;

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