b) ISA 300 planning an audit of financial statements providesguidance to assist Auditors in planning an audit.Required;Explain the benefits of audit planningc) ISA 520 Analytical procedure provides guidance on the use ofanalytical procedures during the course of the external audit.Analytical procedures can be used as substantive auditprocedures during audit fieldwork, as well as during planning andreview.Required;Identify four factors to consider when using analytical proceduresat the planning stage of the audit.d) Explain the difference between the interim audit and the finalaudit.

Audit planning refers to the means of developing the general strategy as well as detailed approach…

Answered: b) ISA 300 planning an audit of…

b) ISA 300 planning an audit of financial statements provides guidance to assist Auditors in planning an audit. Required; Explain the benefits of audit planning

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

b) ISA 300 planning an audit of financial statements provides
guidance to assist Auditors in planning an audit.
Required;
Explain the benefits of audit planning
c) ISA 520 Analytical procedure provides guidance on the use of
analytical procedures during the course of the external audit.
Analytical procedures can be used as substantive audit
procedures during audit fieldwork, as well as during planning and
review.
Required;
Identify four factors to consider when using analytical procedures
at the planning stage of the audit.
d) Explain the difference between the interim audit and the final
audit.

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