ACCA杂志,2012年十月P7文章.docxVIP

Accaglobal Accountant杂志-2012年十月P7文章RELEVANT TO ACCA QUALIFICATION PAPER P7? 2012 ACCAPlanning an audit of financial statementsPaper P7, Advanced Audit and Assurance, regularly features questions set in theplanning phase of an audit. Effective planning will focus the auditor’s attention onkey areas of the audit and ensure that sufficient resources are allocated to theengagement. Planning should result in an audit that is well directed and supervisedand ultimately good planning will reduce audit risk.Candidates will benefit from understanding the wider aspects of audit planning, andso this article summarises the main requirements and guidance contained inISA 300, Planning an Audit of Financial Statements.When does audit planning take place?Naturally, it is reasonable to assume that planning occurs towards the start of anaudit engagement. However, according to ISA 300, planning should not be seen as adiscrete and separate part of the overall audit. Planning often begins shortly after,or in connection with, the completion of the previous audit, for example, with areview of issues that were discussed with management, such as control deficienciesor unadjusted errors. Such matters are relevant to the next year’s audit and need tobe considered when planning.Similarly, the audit plan may be revised as the audit progresses, and should not beviewed as being fixed in place once the main planning phase has ended. Forexample, a significant event may take place as the audit is in progress, meaningthat the audit plan needs to be changed.The nature and extent of planning activities depends on the size and complexity ofthe audit client, previous experience of the audit firm with the client, and anychanges in circumstance that may occur during the audit.Preliminary activitiesISA 300 contains a requirement that the auditor shall undertake the followingactivities at the beginning of the current audit engagement:??Performing procedures regarding the continuance of the client relationship