Scope of this Auditing Standard


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


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


[Deleted by the AUASB. Refer Aus 0.3]