What is the difference between audit plan and audit schedule?
Show As per NSA-300 on Audit Planning, the auditor should plan the audit work so that the audit will be performed in an effective manner. The “Audit Planning” means developing a general strategy and a detailed approach for the expected nature, timing and extent of the audit. The auditor plans to perform the audit in an efficient and timely manner. Audit planning is one of the basic principles of auditing. Plan should be based on knowledge of the
client‟s business. Audit planning is a continuous process throughout the audit engagement and covers developing an overall plan for the expected scope and conduct of the audit and developing an audit program showing the nature, timing and extent of audit procedures. Adequate planning of the audit work helps to ensure that appropriate attention is devoted to important areas of the audit, those potential problems are identified and that the work is completed expeditiously. Planning also assists in
proper assignment of work to assistants and in coordination of work done other auditors and experts. The extent of planning will vary according to the size of the entity, the complexity of the audit and the auditor’s experience with the entity and knowledge of the business. Matters to be considered the auditor in developing the overall audit plan include knowledge of business, understanding the accounting and internal control systems, risk and materiality, nature, timing and extent of
procedures, coordination, direction supervision and review process etc. The Distinction between Audit Plan and Audit Program are outlined as follows: Audit plan is prepared before preparing audit program. (Visited 483 times, 1 visits today) Answer: An audit plan is prepared by the auditor(s) before each audit and aims to inform auditees about the audit objectives, audit scope, audit criteria, auditors, date and schedule of activities. For example, i f an audit includes auditing the Commercial Department, and audit plan informs, proposes, that the audit to that department occur between 10h00 and 11h00. An audit plan allows auditors to agree with auditees on a schedule. The following materials will provide you more information about internal audits: What is a audit schedule?An Audit Schedule is used to record which areas of the organisation should be audited and when, a pro-forma like that shown in Annex C. 1 could be used for this purpose. The areas to be audited should be recorded in the first column, and the audit frequency should be entered in the second column.
What's in an audit plan?Typically an audit plan will include sections dealing with business understanding, risk assessment procedures, planned audit procedures ie the responses to the risks identified and other mandatory audit procedures. The audit strategy and audit plan are not fixed once the planning stage of the audit is complete.
What is the difference between audit plan and audit strategy?The Difference Between an Audit Strategy and Audit Plan
The audit plan is much more detailed than the strategy document, since the plan states the nature, timing, and extent of the specific audit procedures to be conducted.
What are the two types of audit plans?While it varies from case to case, typically two types of audit procedures are used: substantive and analytical procedures.
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