Audit planning is the crucial phase of the audit where auditor determines the nature, timing, and extent of the audit procedures. The auditor also allocates the responsibilities to its team members during the planning stage. To indicate: The relation of management assertions with financial statements.

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Chapter 5, Problem 5.4RQ

To determine

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Audit planning is the crucial phase of the audit where auditor determines the nature, timing, and extent of the audit procedures. The auditor also allocates the responsibilities to its team members during the planning stage.

To indicate:The relation of management assertions with financial statements.

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