Audit Planning report
Budget: $30 – $250 CAD
From an annual report of a public company, an audit planning report is to be prepared between 15 to 20 pages and must clear the Turnitin.
Introduction (1/2 - 1 page)
Purpose of memo (reference any CAS required)
Business Information (1/2 to 1 page long)
Information needed by your audit team to understand the scope of the audit
Preliminary Analytics (1 - 2 pages)
Show analysis and determine areas of RMM
Staffing and time budget (1/2 - 1 page)
Demonstrate how you would allocate your audit staff and the client’s staff, consider using a chart. Organize by audit activity and risk areas being audited, include expected hours to complete activity and staff member (Ie. Junior Audit, Senior Audit, Audit Supervisor, Audit Manager, Partner, CFO, Controller, AP Clerk etc.)
RAMP
Risk assessment (2-4 pages)
Assess risks (chapter 5 and 6), provide a conclusion (H,M,L and percentage)
Identify primary risk areas base on your assessment
Approach (1/2 to 1 page)
Identify factors that influence audit approach and determine overall approach for the audit
Materiality (1/2 to 1 page)
Write overall materiality section for the audit plan and meet CAS 320 requirements
Procedures (2 to 4 pages)
Prepare three risk areas based upon your risk assessment above. Use a subheading for each risk area (ex. Cash, AR, Inventory, AP, etc.) For each risk area identify specific risks, approach, materiality, and procedures (RAP format) to be performed.
Conclusion (1/2 to 1 page)
Integrate preliminary analytics in your risk assessment and specific risk areas as needed to write a competent plan
Introduction (1/2 - 1 page)
Purpose of memo (reference any CAS required)
Business Information (1/2 to 1 page long)
Information needed by your audit team to understand the scope of the audit
Preliminary Analytics (1 - 2 pages)
Show analysis and determine areas of RMM
Staffing and time budget (1/2 - 1 page)
Demonstrate how you would allocate your audit staff and the client’s staff, consider using a chart. Organize by audit activity and risk areas being audited, include expected hours to complete activity and staff member (Ie. Junior Audit, Senior Audit, Audit Supervisor, Audit Manager, Partner, CFO, Controller, AP Clerk etc.)
RAMP
Risk assessment (2-4 pages)
Assess risks (chapter 5 and 6), provide a conclusion (H,M,L and percentage)
Identify primary risk areas base on your assessment
Approach (1/2 to 1 page)
Identify factors that influence audit approach and determine overall approach for the audit
Materiality (1/2 to 1 page)
Write overall materiality section for the audit plan and meet CAS 320 requirements
Procedures (2 to 4 pages)
Prepare three risk areas based upon your risk assessment above. Use a subheading for each risk area (ex. Cash, AR, Inventory, AP, etc.) For each risk area identify specific risks, approach, materiality, and procedures (RAP format) to be performed.
Conclusion (1/2 to 1 page)
Integrate preliminary analytics in your risk assessment and specific risk areas as needed to write a competent plan