What is the auditor’s responsibility when planning an audit?
Auditing standard AU-C Section 300 Planning an Audit covers what the auditor's responsibility is during the planning phase of the audit. The engagement partner and other key members of the audit team should be involved. As a staff auditor, you will be heavily involved in the planning process, so it's important to brush up on the requirements detailed in the standard.
"During the planning phase of an audit, the engagement partner and other key engagement team members should establish an understanding of the terms of the engagement, assess the continuance of the client relationship and develop an overall audit strategy that sets the scope, timing and direction of the audit."
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To answer this question, discuss how the objective of an auditor is to plan an audit that will be performed effectively. Hence, the auditor will set the scope, timing, and direction of the audit.
