Scope of application
- This Auditing Standard specifies and guides the auditor's responsibility , and auditing firms (hereinafter referred to as an "auditor") in the financial statement audit planning. This Auditing Standard is applicable to audits of periodic financial statements (or subsequent year). Additional Considerations for First Year Audits are set forth in paragraph 13 of this Standard.
Role and audit scheduling
- Audit planning involves developing: (1) an overall audit strategy and (2) an audit plan for the audit. An appropriate audit plan is beneficial for an audit of the financial statements (Ref: Para. A1 - A3), as follows:
- Helping the auditor to focus properly on the important parts of the audit;
- Assist the auditor in identifying and solving problems that may occur in a timely manner;
- Assisting the auditor in organizing and managing the audit appropriately to ensure that it is conducted effectively;
- Assist in selecting audit team members with the appropriate expertise and ability to handle the anticipated risks, and assign appropriate work to each member;
- Facilitate the direction and supervision of the audit team and the review of the group's work;
- Assist in coordination of work performed by component auditors and experts, as needed.
- The auditor and the firm shall comply with the requirements of this International Standard in the preparation and performance of the audit plan.
The audited entity (customer) shall have the necessary knowledge of this International Standard in order to coordinate the work and to deal with the relationships relevant to the audit plan's preparation and execution.
- Auditor's goal , and auditing firms In the audit planning is to ensure the audit is conducted effectively.
See full text Auditing Standard No. 300