GUILARAN, Kerr John B.

BSA51KB1

Chapter 5 Audit Planning

(Reflection Paper)

Warren Buffett once said Someone's sitting in the shade today

because someone planted a tree a long time ago. Human beings are not
future tellers; we dont have a single clue on whats happening in the future.
As preparation for impending events that will occur, we, human beings must
plan. Planning pushes our lives towards to the path we wanted, as we evolve
and mature in this world. In an audit engagement, planning is very
significant. Ive learned that planning helps in identifying problems in the
conduct of the audit, and it also aids in ensuring that the audit is conducted
effectively and efficiently. An audit plan is used not only for quality control
and supervision but also a documentation to show that audit engagement
was planned and supervised in accordance with professional standards.
Without planning, theres so much to lose. An audit engagement without
planning is like an air balloon flying in the sky without knowing where to go.
In the end, preparation by means of planning contributes to the success of
any action, an action that youll take or retake.