ACCA AA · Chapter 5 · Question 4 of 9
Which document sets out the nature, timing and extent of the planned risk assessment procedures and further audit procedures at assertion level?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) The audit plan
Explanation
Under ISA 300, the overall audit strategy sets the scope, timing and direction of the audit, and the audit plan is the more detailed document setting out the procedures to be performed. The engagement letter agrees the terms of the audit and a management letter reports deficiencies after the work is done.
More Engagement acceptance and audit planning MCQs
- Q6What is the main purpose of the engagement team discussion required by ISA 315 and ISA 240?
- Q7Which of the following procedures would normally be performed at the final audit visit rather than at the interim audit?
- Q8At the interim audit of Quoin Co, the auditor tested controls over payroll for the first nine months of the year and found them operating…
- Q9Which of the following is a benefit of adequate audit planning?
- Q1Which of the following would NOT normally be included in an audit engagement letter under ISA 210?