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The general fact that planning is important in the auditing profession should not be a shock to anyone. Auditing like many things is life require planning in order to be successful.

The fact that planning involves process steps, research and documentation is really a standard type process that many of use in our daily life when planning an activity.

So the question should be at this point what is different? Well first of all the main difference is that planning normally involves a short time frame in the case of auditing. That is you normally do not have months to prepare and secondly the process is not a research paper.

With that said there are important aspects of auditing planning including:

1. Knowledge of the Industry
2. Knowledge of the company
3. Review of the accounting policies and practices.
4. Discussion with key management employees
5. Presentation to the Board of directors
6. Review of major controls, risk and opportunities.

The point here is that the process is involved and extremely critical to the overall success of the audit.

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Solution Summary

The general fact that planning is important in the auditing profession should not be a shock to anyone. Auditing like many things is life require planning in order to be successful.

The fact that planning involves process steps, research and documentation is really a standard type process that many of use in our daily life when planning an activity.

So the question should be at this point what is different? Well first of all the main difference is that planning normally involves a short time frame in the case of auditing. That is you normally do not have months to prepare and secondly the process is not a research paper.

With that said there are important aspects of auditing planning including:

1. Knowledge of the Industry
2. Knowledge of the company
3. Review of the accounting policies and practices.
4. Discussion with key management employees
5. Presentation to the Board of directors
6. Review of major controls, risk and opportunities.

The point here is that the process is involved and extremely critical to the overall success of the audit.

Solution Preview

The general fact that planning is important in the auditing profession should not be a shock to anyone. Auditing like many things is life require planning in order to be successful.

The fact that planning involves process steps, research and documentation is really a standard type process that many of use in our daily life when planning an activity.

So the question should be at this point what is different? Well first of all the main difference is that planning normally involves a short time frame in the case of auditing. That is you normally do not have months to prepare and secondly the process is not a research paper.

With that said there are important aspects of auditing planning including:

1. Knowledge of the Industry
2. Knowledge of the company
3. Review of the accounting policies and practices.
4. Discussion with key management employees
5. Presentation to the Board of directors
6. Review of major controls, risk and opportunities.

The point here is that the process is involved and extremely critical to the overall success of the audit.

Solution:

The general fact that planning is important in the auditing profession should not be a shock to anyone. Auditing like many things is life require planning in order to be successful.

- An audit needs to be carefully planned to an even greater extent than most other activities due to the amount of liability involved. Keep in mind that when fraud is discovered within a company, the public generally points the finger at the auditing firm first. Questions of why and how this was not discovered by auditors are always a central point ...

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