GROUP 3: AUDIT PLANNING

• An indefinite plan of analytical procedures and all substantive tests to be performed in the course of the audit

• Document that provides an overview of the company and a general plan for the audit work to be accomplished, timing of the work, and other matters of concern to the audit.

• Generic document that auditing firms have developed to lead the process of the audit through a systematic and logical process.

• Budget of the time that should be necessary to complete each phase of the audit procedures.

• Client Acceptance Stage

• Planning Stage

• Performing Stage

• Reporting Stage

• Confidentiality

• Professional Skepticism

•  Belief In Management

• Passionate

• Materiality

• Misstatements

• Error

• Fraud

Answer explanation

• Annualized Interim Financial Statements

• Prior Years' Financial Statements

• Budgeted Financial Statements of the Current Year

• Competitor's Financial Statement

Answer explanation

• Risk Assessment Procedures

• Analytical Procedures

• Audit Risk Procedures

• Control Risk Procedures

Answer explanation

• Direct

• Inverse

• Parallel

• None

• Detection risk

• Control risk

• Inherent risk

• Audit risk

• Inherent risk

• Control risk

• Detection risk

• Audit risk

• Audit Procedure

• Audit Program

• Audit Plan

• Audit Risk Model