Scope of this Auditing StandardScope of this Auditing Standard

Scope of this Auditing Standard

1. This Auditing Standard deals with the auditor’s responsibility to plan an audit of a financial report. This Auditing Standard is written in the context of recurring audits. Additional considerations in an initial audit engagement are separately identified.
2. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Quality management at the engagement level in accordance with ASA 220, in conjunction with adequate planning in accordance with this ASA, benefits the audit of a financial report in several ways, including the following: (Ref: Para. A1‑A4)

• Helping the auditor to devote appropriate attention to important areas of the audit.
• Helping the auditor identify and resolve potential problems on a timely basis.
• Helping the auditor properly organise and manage the audit engagement so that it is performed in an effective and efficient manner