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  • Audit Plan - Rather Be

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    Reena Recede
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    The document outlines the key steps in developing an audit plan: understanding the client and assessing materiality, risk, and internal controls; planning audit procedures; and documenting the audit plan. It emphasizes the importance of audit planning after accepting an engagement, highlighting steps like considering major audit activities, using the UMPISAR mnemonic to remember important elements, and understanding relationships between materiality, risk and evidence needed. The overall message is that a proper audit plan is essential for an effective and efficient audit.

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    The document outlines the key steps in developing an audit plan: understanding the client and assessing materiality, risk, and internal controls; planning audit procedures; and documenting the audit plan. It emphasizes the importance of audit planning after accepting an engagement, highlighting steps like considering major audit activities, using the UMPISAR mnemonic to remember important elements, and understanding relationships between materiality, risk and evidence needed. The overall message is that a proper audit plan is essential for an effective and efficient audit.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    11 views1 page

    Audit Plan - Rather Be

    Uploaded by

    Reena Recede
    The document outlines the key steps in developing an audit plan: understanding the client and assessing materiality, risk, and internal controls; planning audit procedures; and documenting the audit plan. It emphasizes the importance of audit planning after accepting an engagement, highlighting steps like considering major audit activities, using the UMPISAR mnemonic to remember important elements, and understanding relationships between materiality, risk and evidence needed. The overall message is that a proper audit plan is essential for an effective and efficient audit.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    "Audit Plan"

    By Reena Recede

    [Verse 1:]
    After accepting an engagement, we should start audit planning
    The auditor should consider, major audit activities
    Making an audit plan, remember UMPISAR
    In order to make the plan an effective and efficient one
    [Pre-Chorus:]
    Understanding the client, next is Materiality
    Planning and procedures risk
    Consider Internal control, Scope and Analytics
    Last is Related Parties
    [Chorus:]
    If you gave me client I would take it
    Audit process is hard but Ill make it
    Know with all of your heart, general approaches
    After accepting, you should start audit planning
    Y-y-y-yes, yes, yes to audit planning (3x)
    [Verse 2:]
    Inverse relationship for materiality and evidence
    Inherent, Control and Detection Risk, make up audit risk
    Planning and completion phase require analytical procedure
    Documentation is the final step in audit planning
    [Pre-Chorus]
    [Chorus]
    After accepting, you should start audit planning
    [Bridge:]
    Hmmmmmmmmmm, hoooooooooo
    Be [9x]
    Yeah-e-yeah-e-yeah-e-yeah-e-yeah, yeah, yeah
    [Chorus]
    After accepting, you should start audit planning

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