Mastering Audit Planning

Performing preliminary analytical procedures

Establishing materiality and assessing risk

Obtaining an understanding of the client and its environment (correct)

Assessing the possibility of non-compliance

Acts of omission or commission by the entity being audited (correct)

Acts of omission or commission by the auditor

Acts of omission or commission by both the auditor and the entity being audited

Acts of omission or commission by external parties

To reduce audit risk to an acceptably low level (correct)

To identify related parties

To determine the audit strategy

To develop the audit plan

<p>The lower the tolerable misstatement, the less extensive the required audit procedures.</p> Signup and view all the answers

<p>Both during the planning stage and the final review stage of the audit.</p> Signup and view all the answers

<p>To enhance the auditor's understanding of the client and its business.</p> Signup and view all the answers