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Mind map of Chapter 6 and 7, Kaplan text Planning and Risk.

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Presentation on theme: "Mind map of Chapter 6 and 7, Kaplan text Planning and Risk."— Presentation transcript:

1 Mind map of Chapter 6 and 7, Kaplan text Planning and Risk

2 Audit Planning ISA-300 Level 1 Planning Preliminary engagement activities Level 2 Planning

3 Can we do this auditConsent Letter AEL ISA-210 Level 1 Planning Preliminary engagement activities

4 Level 2 Planning Audit PlanAudit Strategy

5 Audit Plan Audit Strategy ScopeReporting Direction Risk assessment ISA-315 Materiality ISA-320 Extent of audit procedure Inherent Risk at FS level. Control Risk at Account balance level. Detection Risk. Factors Range Tolerable error SOUE Laws and Regulation. No. of locations. Use of I.T. Timetable. Communication. System based approach High sampling (High Risk) Low sampling (Low Risk)


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