Home › CA Final › auditing › Audit Planning Strategy and Execution › Audit planning is BEST viewed as:
Audit planning is BEST viewed as:
AA formality with no real audit consequence
BA series of meetings without documentation
CA continuous and iterative process that evolves with audit evidence
DA one-time exercise at start of audit
Answer & Solution
Correct answer: D. A one-time exercise at start of audit
1. SA 300.10 and 300.A2 explicitly describe planning as continuous and iterative.
2. New evidence triggers re-planning.
3. Documentation is required throughout (SA 230).
_Source: ICAI BoS CA Final Paper 3, Ch 2 "Audit Planning Strategy and Execution"_
Related questions
When changes in audit strategy require re-evaluation of engagement risk, the partner shoulA first-year audit's opening balances are governed by:For an audit involving multiple components in different geographies, the engagement partneWhen the engagement team finds that a planned procedure cannot be performed (e.g. inventorUnder SA 300, the auditor's plan for tests of controls in the current year is influenced bThe engagement partner should determine that the engagement team has the appropriate compeA material weakness in the entity's controls over journal entries is identified at planninThe "Most Senior" engagement role identified in SA 220 is responsible for: