a. The following matters should be taken into consideration in planning an audit:
i. Preliminary work to be done before the audit proper;
ii. Review of previous years‟ working papers;
iii. Review of changes in relevant legislation and auditing or accounting practice guidelines;
iv. Analytical review of management accounts, interim accounts, etc.;
v. Review of changes in the business or its management;
vi. Review of changes in systems or accounting procedures;
vii. Timing requirements;
viii. Extent of preparation by the client of analyses, schedules and summaries;
ix. Use of internal audit;
x. Degree of reliance on internal controls;
xi. Rotational testing and verification;
xii. Joint auditors, if any; and
xiii. Review of relevant business or enabling environment.

b. Benefits of adequate audit planning include:
i. Helping the auditor to devote appropriate attention to important areas of the audit;
ii. Helping the auditor to identify and resolve potential problems;
iii. Helping the auditor to organise and manage the audit engagement so that it is performed in an effective and efficient manner;
iv. Assisting in the selection of staff with appropriate experience and the proper assignment of work to them; and
v. Allowing for the direction and supervision of staff and review of their work.

c. The key benefits that would arise from spreading the audit work across interim and final audits include:
i. More flexible resource planning within the firm –the planning of the interim audits is typically more flexible than the timing of final audit. This helps reduce demand for audit staff during “busy season” (traditionally the first few months of a calendar year when many clients require their final audit to take place);
ii. Earlier identification of significant matters; iii. Shareholders and other users receive audited financial statements earlier;
iv. Increased audit efficiency; and
v. Suitability for large and dynamic organisations, making the
conclusion of the final audit faster.

d. Audit procedures that are carried out at the final audit stage include:
i. Reviewing the audit evidence collected;
ii. Reviewing the final version of the financial statements;
iii. Checking the quality control;
iv. Communicating with those charged with corporate governance;
v. Holding audit clearance meeting; vi. Reviewing subsequent events;
vii. Carrying out analytical review; and
viii. Obtaining third party confirmations, such as bank letters and trade receivable confirmations for review and proper analysis.