Effective Audit preparation and planning strategy

It is extremely crucial for the auditor to carry out the process of the auditing in a successful manner. An Efficient and effective audit can only be occurred if it is properly planned as well as executed by the auditor. It is considered as one of the most vital responsibility of the auditor to carry out the work in an efficient and effective manner.

The key responsibility of the auditor is to develop the overall audit strategy with the minimum risk levels. The planning of the audit should be done keeping in mind that it should be in accordance with the International standards of Auditing for any organization. The auditor while planning the event should always remember that the planning should be in regard with the nature, time as well as the extent of work.

Main Objectives of Audit Planning:

The main objectives of audit planning are as follows:

  • To identify and have an eye on all the different areas of the audit.
  • The problems should be identified within the proper time frame.

Adequate and proper planning of the audit will only help the auditor to meet the above objectives otherwise the process carried out will not be as efficient and can involve various risk factors which are not useful in long term.

Dedicated team effort during the planning stage

The detailed audit work is carried out before the process of the audit executes and reaches its destination. At the preliminary stage, it is extremely important to allot each staff member the proper task according to his ability so that he can perform during the process with maximum efficiency. The staff members in the audits are highly efficient and competent in terms of speed, accuracy and perfectness and do the desired work allotted to them with full effort. It is also important to take a necessary decision on the co-ordination of the work so that the process completes within the proper limits.

Right approach while carrying out the process

Most of the audit firms carry out the process of the audit with the right approach and proper documentation and adopt the strategy with the aim of completing and executing it in an efficient manner.  An Audit plan should be structured in such a way that one should carry out the process of auditing without any failures and should have a clear pint of view after the process of audit gets completed. In formulating a documented plan following things should be considered:

  • There should be adequate knowledge of the organization or the business.
  • One should be aware of all the factors associated with the involvement of risks.
  • It is important to consider the timing, nature and the extent of the audit procedure.
  • Co-ordination and proper supervision plays a very important role in the process.

Therefore, Good Audit Planning is a key factor involved in the execution of the process of the audit in an efficient and successful manner.