- This topic has 1 reply, 2 voices, and was last updated 7 years ago by
.
- Posts
Hey there, im currently not getting the concept of the planning stage of the audit
The concern is that in questions we r provided with draft and actual financial statements and we r told to do some analytical procedures. So the thing is if its the planning stage then by what assumption or basis do they provide us with the draft statements. Since its the beginning of the yr hw can we even plan by using the figures which are purely subjective? Correct my theoryThe final stage of a two-part audit (interim and final) is there to look at the draft financial statements for the accounting year just ended.
Those draft statements are prepared by the client and given to the auditor in advance of that final audit commencing
Let me put some hypothetical dates on a time line for you
Accounting year end 31 December, 2017
Interim audit 2 weeks commencing 13 November
Draft financial statements received by the auditor 5 February
Final audit visit 3 weeks commencing 19 February, 2018
Does that make any more sense to you?
- The topic ‘PLANNING STAGE OF AUDIT’ is closed to new replies.