- 5 Marks
Question
ISA300: “Planning an Audit of Financial Statement” states that the auditor must plan an audit.
Required:
Enumerate FIVE (5) benefits or importance of planning.
(5 marks)
Answer
The benefits of planning in accordance with ISA 300 include:
- It helps the auditor to devote appropriate attention to important areas of the audit.
- It helps the auditor to identify and resolve problems.
- It helps the auditor organize and manage the audit engagement effectively.
- It aids in selecting staff with appropriate experience and assigning work properly.
- It allows for the direction and supervision of staff and review of their work.
- Tags: Audit Planning, Benefits, ISA 300, Planning Importance
- Level: Level 2
- Uploader: Dotse