Audit PlanKey Steps of Audit Plan Identify relevant financial) (Obtain an understanding of the assertions TT entity and its environment 4 Identity the risk that may lead in material misstatement, ‘Make decision about materiality Perform analyti ¥ procedures including the risk of fraud rate) Develop preliminary audit strategies Understand internal control|. Identify relevant financial assertions + Assist the auditor in understanding the type of potential misstatements that may occur in a Sen) _ the financial statements. 2. completeness | E+ Assist the auditor in developing audit plan to | to collect evidence regarding the fair presentation ie Rights and Obligations In financial statements. |Xeeeneeen teers | [5. Presentation and Disclosure |