AUDIT PLANNING AND MATERIALITY
- Discuss why adequate audit planning is essential.
- Make client acceptance decisions and perform initial audit planning.
- Gain an understanding of the client’s business and industry.
- Perform preliminary analytical procedures.
- Apply the concept of materiality to the audit.
- Make a preliminary judgment about what amounts to consider material.
- Determine performance materiality during audit planning.
- Use materiality to evaluate audit findings.
