Scope SA 300: Audit Planning and Initial Engagement
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Questions and Answers

What is the primary objective of SA 300?

  • To ensure the auditor's independence
  • To evaluate the client's relationship with the auditor
  • To plan the audit according to the size and complexity of the entity (correct)
  • To develop the audit plan without understanding the terms of engagement

    • Who should be involved in audit planning through discussion?

  • Only the partner
  • All members of the engagement team
  • Partner and key members of the engagement team (correct)
  • Only the junior auditor

    • What is the first step in the preliminary engagement activities?

  • Evaluate ethical requirement compliance
  • Develop the audit plan
  • Perform client relationship and specific audit engagement procedures (correct)
  • Understand the terms of engagement

    • Which standard is related to the quality control for audit work?

    <p>SA 220</p> Signup and view all the answers

    What is the output of the overall audit strategy?

    <p>Audit plan</p> Signup and view all the answers

    What is the context of SA 300 primarily focused on?

    <p>Recurring audit</p> Signup and view all the answers

    What factors influence the direction, timing, supervision, and review of the engagement team's work?

    <p>Level of assessed risk of material misstatements, audit area, and competencies of the engagement team</p> Signup and view all the answers

    What is the purpose of the overall audit strategy document?

    <p>To exhibit the key decisions of the audit planning</p> Signup and view all the answers

    What is documented during an audit engagement?

    <p>The overall audit strategy, audit plan, and any significant changes made during the audit</p> Signup and view all the answers

    What is the purpose of the audit completion checklist?

    <p>To ensure that all audit procedures are completed</p> Signup and view all the answers

    What is unique to initial audit engagements?

    <p>Certain additional considerations to be followed prior to the start of the audit</p> Signup and view all the answers

    During an audit, when can the overall audit strategy and audit plan be updated or changed?

    <p>When unexpected events occur or changes in conditions occur during the audit</p> Signup and view all the answers

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