IMPORTANCE IN PLANNING AN AUDIT OF FINANCIAL STATEMENTS
IMPORTANCE IN PLANNING AN AUDIT OF FINANCIAL STATEMENTS
Author(s): Corina Serban, Franca MladinSubject(s): Economy
Published by: Editura Eurostampa
Keywords: audit planning; financial statement; audit area; problems area
Summary/Abstract: The auditor should plan and coordinate audit in accordance with the Auditing standards. An audit is effective only if it's based on adequate planning procedures, for which the auditor should understand well enough the entity's accounting and internal control systems. The significant aspects of the audit mission, identifying important issues and timely achievement of the business, are based on effective and efficient planning of the audit. Audit planning involves developing an overall strategy and a detailed overview of the nature, timing and extent of work. Through planning are identified the important areas of the audit, that need to be given proper attention and identify the problem area; is determined the amount of work required so that staff can be allocated properly. The audit strategy and the audit plan should be updated and modified as necessary during the audit mission.
Journal: Anale. Seria Ştiinţe Economice. Timişoara
- Issue Year: XX/2014
- Issue No: 20
- Page Range: 231-235
- Page Count: 5