ACCA AA · Chapter 5 · Question 9 of 9
Which of the following is a benefit of adequate audit planning?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) It helps the auditor devote appropriate attention to important areas of the audit
Explanation
ISA 300 explains that planning helps the auditor focus on important areas, identify potential problems on a timely basis, organise and staff the engagement, and direct and supervise the team. Planning cannot guarantee fraud detection or replace the evidence-gathering stage.
More Engagement acceptance and audit planning MCQs
- Q2Under ISA 210, which of the following is a precondition for an audit?
- Q3For a recurring audit, which of the following would most likely cause the auditor to issue a revised engagement letter?
- Q4Which document sets out the nature, timing and extent of the planned risk assessment procedures and further audit procedures at assertion…
- Q5Consider the following procedures: 1. Enquiries of management and others within the entity 2. Analytical procedures 3. Observation and…
- Q6What is the main purpose of the engagement team discussion required by ISA 315 and ISA 240?