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]