Audit Planning

Audit planning is the organized process of preparing for an audit to ensure it runs smoothly and effectively. It involves understanding the client's business, assessing risks, determining which areas to focus on, and deciding how to conduct the audit. Proper planning helps auditors gather relevant evidence efficiently, identify potential issues early, allocate resources appropriately, and set a clear timeline. Overall, it lays the foundation for a thorough and objective examination of the company’s financial records, ensuring accuracy and compliance with standards.