Strategy and Planning of a Financial Audit Engagement in Light of the Clarified Standards

Author:Professor Ion MIHĂILESCU, Ph. D., Urania MOLDOVANU



Keywords:planning, strategy, clarified International Standards of Audit, resource allocation, engagement budget

The present paper comprises a thorough analysis in what regards the scope of the International Standard on Audit 300, the role and time of planning, respectively the timing of the planning, the planning components, as well as the role of a financial auditor’s adequate planning. The following article presents the objectives and requirements of ISA 300, namely the involvement of the partner and of the key engagement team members, the preliminary and planned activities and the considerations specific to smaller entities. The considerations in establishing the overall audit strategy are also exposed, according to the Appendix to ISA 300, as well as the minimum average time budget necessary for performing an audit engagement, according to the Appendix to the CAFR Council Decision no. 44/2005. At the end of the article, the issues approached relate to the means of documenting the planning of a financial audit, according to the Procedures on Quality Audit 2009– Section B.\r\n\r\n