Planning of the Audit Mission – Rules, Vision or Nightmare
Author:
Carmen MATARAGIU, Anca Cristina MATARAGIU, Ph. D. Student, Miruna Lucia NACHESCU, Ph. D.
JEL:
DOI:
Keywords:
efficiency, responsibility, audit quality, planning
Abstract:
Expressing an opinion regarding the financial statements, in the context of the current financial crises becomes more important both for the traditional users of information as well as for the apparently insignificant previous users of the past, as they need to fully eliminate risks, even if this is a paradox.\r\n\tIn order for the audit activity not to become a nightmare, a correct and thorough planning (according to the applicable standards) becomes essential and cannot be overlooked.\r\n\tWithout having as a purpose the exhaustive presentation of the activities to be performed or of the elements to be taken into account at this stage of audit, according to the existing literature and to the applied knowledge of the authors in the audit business, the present paper aims to offer an adaptable and pertinent framework for the planning of any audit engagement.\r\n\tThis aim will be pursuit through further studies regarding the materiality and non-detection risk, the understanding of internal control, the fraud risk detection and the setting of a detailed audit plan. \r\n