Posted: May 4th, 2022

Audit Planning Professional Standards

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1.2 Discussion: Audit Planning Professional Standards
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Prompt
Imagine that you’re the newly assigned Senior Auditor on the Valley Publishing Company audit. The Partner on the engagement comes to your office and tells you she’s not satisfied with the memo that the former Senior Auditor wrote on Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. She thinks a little in-house seminar is needed to train everyone and she’s given you the task of writing and presenting the seminar. She suggests that you look for an article that she remembered reading in the Journal of Accountancy and also that you review AICPA and PCAOB guidance on audit planning. She wants you to send her a narrative summarizing how you think the firm should approach gaining an understanding of the audit entity and assess the related risks.
Response Parameters
Initial responses due by Thursday at 11:59 p.m. ET
Posts should be 200 to 300 words in length
All sources used in the posts should use APA format
Reading
AICPA Codification of Statements on Auditing Standards Section AU-C 300, “Planning an Audit”
(Links to an external site.)
PCAOB Auditing Standards Section AS-2101, “Audit Planning”
(Links to an external site.)
Comprehensive Audit Case: The Valley Publishing Company
Section 1, Assignment 1

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