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Audit Planning, Understanding the Client, Assessing Risks, and Responding


After studying this chapter, you should be able to:

LO1

Describe the major steps in the audit process.

LO2

Identify the factors that auditors consider in accepting new clients.

LO3

Explain the auditors' responsibilities when planning an audit.

LO4

Describe the nature of the risk assessment procedures that auditors use to obtain an understanding of the client and its environment.

LO5

Describe the manner in which an audit is affected by the auditors' assessment of audit risk and materiality.

LO6

Describe how the auditors address fraud risk.

LO7

Discuss how the auditors design further audit procedures in response to the assessed risks of material misstatement.

LO8

Distinguish between the systems and the substantive procedures portions of the audit program.











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