April 2022
Intermediate to advanced
1056 pages
34h 59m
English
Content preview from Wiley Practitioner's Guide to GAAS 2022
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9AU-C 300 Planning an Audit
SCOPE
AU-C 300 provides guidance on planning a recurring audit of financial statements. Initial audit engagement planning is also addressed. Guidance for planning audits of group financial statements can be found in AU-C 600. (AU-C 300.01)
OBJECTIVE OF AU-C SECTION 300
The objective of the auditor is to plan the audit so that it will be performed in an effective manner.
(AU-C Section 300.04)
REQUIREMENTS
PRELIMINARY ENGAGEMENT ACTIVITIES
It's important for the engagement partner and other key members of the engagement team to be involved in planning the audit. (AU-C 300.05) The auditor should perform the following activities at the beginning of the current audit engagement:
- Perform procedures regarding the continuance of the client relationship and the specific audit engagement. (AU-C 220)
- Evaluate the auditor's compliance with ethical requirements, including independence. (AU-C 220)
- Establish the terms of the engagement. (AU-C 210)
(AU-C 300.06)
The purpose of performing these preliminary engagement activities is to consider any events or circumstances that either may adversely affect the auditor's ability to plan and perform the audit or may pose an unacceptable level of risk to the auditor.
The Overall Audit Strategy
The auditor should establish and document the overall audit strategy ...
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