Introduction

Includes: Scope of this Auditing Standard | The Role and Timing of Planning | Effective Date

Scope of this Auditing Standard

1

  This Auditing Standard deals with the auditor’s responsibility to plan an audit of a financial report.  This Auditing Standard is written in the context of recurring audits.  Additional considerations in an initial audit engagement are separately identified. 

The Role and Timing of Planning

2

     Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan.  Adequate planning benefits the audit of a financial report in several ways, including the following:  (Ref: Para. A1‑A3)

·                Helping the auditor to devote appropriate attention to important areas of the audit.

·                Helping the auditor identify and resolve potential problems on a timely basis.

·                Helping the auditor properly organise and manage the audit engagement so that it is performed in an effective and efficient manner

 

·                Assisting in the selection of engagement team members with appropriate levels of capabilities and competence to respond to anticipated risks, and the proper assignment of work to them.

·                Facilitating the direction and supervision of engagement team members and the review of their work.

·                Assisting, where applicable, in coordination of work done by auditors of components and experts. 

Effective Date

3

          [Deleted by the AUASB.  Refer Aus 0.3]