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12-17 What is an audit program?

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a. What is an audit program?

b. Identify two tasks that need to be accomplished in the framework for developing an audit program.

c. What essential information is generally documented in an audit program?

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Solution Summary

In a 387 word solution, the response clearly explains the answers to the questions about audit programs. Two tasks that need to be accomplished in the framework for developing an audit program are identified.

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a. What is an audit program?

An audit program is a customized document prepared as part of the planning process for a financial audit. When an audit firm accepts a new client, the initial discussions include a review of client prepared financial statements, interviews with management and other key employees, discussions about the industry in general and the company in particular with regard to specific issues or accounts. A risk assessment is completed, materiality levels set and the overall audit approach is defined. Staffing for the audit is usually decided at this point too.'

With all of that information in mind, an ...

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