(a) SEVEN Reasons for Audit Planning:

1. It establishes the intended means of achieving the audit objective.
2. It assists in the efficient assignment of staff to the job to be carried out.
3. It is a means of effective liaison in a joint audit and coordination where more than one firm of Chartered Accountants is involved in the audit.
4. It facilitates authorized delegation between the audit partner, manager, and team leader and ensures effective control and supervision.
5. It enhances performance and control over the execution of the program.
6. It fosters effective control of audit costs by monitoring the budget based on an approved audit plan.
7. It helps in identifying and covering critical audit areas that require special attention​

(b) EIGHT Audit Procedures to Consider for an Existing Client:

1. Review previous year’s audit working papers and carried-forward balances to identify previous problem areas.
2. Review any changes in the nature of the business and management structure and their impact on the audit.
3. Review any changes in legislation affecting the client and the impact on corresponding comparative figures.
4. Review the extent to which the financial statements have been prepared by the client’s management in compliance with standards.
5. Confirm the extent to which summaries and schedules to major items in the financial statements have been prepared and check the treatment of cut-off procedures.
6. Review the extent of work performed by the client’s internal auditors and the reports prepared, as well as management’s attitude thereto.
7. Assess the need for specialist audit staff, for example, IT experts for computer-based accounting systems or cyber security issues.
8. Brief the audit team on the required audit tests and procedures, the objectives, and the qualities of audit working papers to be compiled and filed​