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Wiley Practitioner's Guide to GAAS 2023, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2023, 2nd Edition

by Joanne M. Flood
April 2023
Intermediate to advanced content levelIntermediate to advanced
1056 pages
34h 59m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2023, 2nd Edition

9AU-C 300 Planning an Audit

TECHNICAL ALERT

Recently issued SAS 146 affects AU-C 300. The preface to this volume contains an overview of the SAS, and relevant changes are noted in this chapter.

SCOPE

AU-C 300 provides guidance on planning a recurring audit of financial statements and also addresses initial audit engagement planning. Guidance for planning audits of group financial statements can be found in AU-C 600. (AU-C 300.01)

OBJECTIVES OF AU-C 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 acceptance and continuance of the client relationship and the audit engagement. (AU-C 220)1
  • Evaluate the auditor's compliance with ethical requirements, including independence. (AU-C 220)2
  • 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 ...

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Publisher Resources

ISBN: 9781394152704Purchase Link