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Please assist me- auditing and investigagtion The first four parts of audit planning: ...

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Accounting

Please assist me- auditing and investigagtion

The first four parts of audit planning:

  1. Accept client and perform initial audit planning
  2. Understand the clients business and industry
  3. Perform preliminary analytical procedures
  4. Set preliminary judgement of materiality and performance materiality

The following are various activities an auditor does during audit planning. For each audit procedure indicate which of the first four parts of audit planning above it relates to

BEHIND EACH OF THE FOLLOWING IDENTIFY THE AUDIT PLAN PART EG PART 1 , PART 2 PART 3 , PART 4

1. Review accounting principles unique to the clients industry.

2. Determine the likely users of the financial statements.

3. Evaluate the appropriate financial statement measures for determining amounts

likely to be considered material by users of the financial statements.

4. Identify whether any specialists are required for the engagement

5. Send an engagement letter to the client.

6. Tour the clients plant and offices

7. Compare key ratios for the company to industry competitors.

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