Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations

PCAOB 9: Audit Planning1

EFFECTIVE DATE AND APPLICABILITY

Effective Date	This standard currently is effective.
Applicability	All audit planning.

DEFINITIONS OF TERMS

Engagement Partner. The individual responsible for an audit engagement and its performance.

OBJECTIVES OF PCAOB STANDARD 9

Public Company Accounting Oversight Board (PCAOB) Auditing Standard 9 sets the objective of planning an audit so that it is conducted effectively.

FUNDAMENTAL REQUIREMENTS

Responsibility of the Engagement Partner

The audit partner is responsible for planning the audit. He or she may seek assistance from team members to fulfill this responsibility. Those individuals assisting the engagement partner with audit planning should also comply with those requirements of this standard pertaining to them.

Planning an Audit

The auditor should properly plan the audit. This includes establishing the overall audit strategy and developing an audit plan. The plan should include risk assessment procedures and planned responses to the risks of material misstatement. This is not a discrete phase of the audit, but rather a continual and iterative process. It may begin with the completion of the previous audit and continue through the current audit.

Preliminary Engagement Activities

The auditor should perform the following activities at the beginning of an audit:

• Perform procedures related to the continuance of the client relationship and the specific audit engagement.
• Ascertain compliance with independence ...