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Scope SA 300: Audit Planning and Initial Engagement

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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?

SA 220 Signup and view all the answers

What is the output of the overall audit strategy?

Audit plan Signup and view all the answers

What is the context of SA 300 primarily focused on?

Recurring audit Signup and view all the answers

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

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

What is the purpose of the overall audit strategy document?

To exhibit the key decisions of the audit planning Signup and view all the answers

What is documented during an audit engagement?

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

What is the purpose of the audit completion checklist?

To ensure that all audit procedures are completed Signup and view all the answers

What is unique to initial audit engagements?

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

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

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