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Planning is the second phase of the audit process and involves understanding the entity, assessing risks, and determining materiality. The objective of planning is to determine the evidence needed to provide assurance that the financial statements have no material misstatements. Key procedures include understanding the entity and its environment, assessing risks of misstatement, and determining materiality. Risk assessment is core to the audit as the rest of the work responds to identified risks. Standards provide guidance on risk assessment, audit responses, and evaluating evidence obtained.
Planning is the second phase of the audit process and involves understanding the entity, assessing risks, and determining materiality. The objective of planning is to determine the evidence …