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Audit Planning and Risk, Preliminary activity: ISA 300 : :star:, Purpose…

- - - - According to audit standard ISA300
        
        To allocate the tasks properly according to the priority
        
        Pay more attention towards more important areas
        
        To minimise the risks in auditing
        
        To help the auditors identify and resolve the problem on time
        
        Effective (opinions) and efficient (profitable) performance
        
        Organise and manage properly for an auditing engagement
        
        Selection of engagement team members
        
        Audit Seniors
        
        Audit Managers
        
        Audit Juniors
        
        Director
        
        Partners
        
        Facilitate the direction and supervision of the engagement team
        
        ISA220 (Quality Control)
        
        Smooth coordination
      - True and fair opinion
        
        Free from any material misstatements and faithfully represent the financial position and performance
- - - - Factors
        
        Nature of Business and its External factors
        
        Susceptibility to Theft or Fraud
        
        Prior-Period Misstatement
- - - - Enable reporting partner to ensure all the planned work has been done completely