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3. The Financial Statements Audit Client Acceptance, Audit Planning, Supervision and
Monitoring
3.1. Overview of the audit process
3.2. Pre-engagement procedures
3.3. Scope and purposes of audit planning
a. Essential planning requirements
1) Knowledge of the business
2) Preliminary analytical procedures
3) Materiality
4) Assessing and managing audit risks
5) Overall audit plan and audit program
6) Considerations of the work of others (experts, internal auditor, other
independent auditors)
3.4. Direction, supervision and review
4. Understanding the Entity and its Environment Including its Internal Control and Assessing
the Risks of Material Misstatement
4.1. Industry, regulatory and other external factors, including the applicable financial
reporting framework
4.2. Internal Control
4.3. Assessing the risks of material misstatement
4.4. Communicating with those charged with governance and management
5. Audit Objectives, Procedures, Evidences and Documentation
5.1. Nature and significance
5.2. Evidential matters
5.3. Audit procedures/techniques
5.4. Audit working papers
6. Audit Sampling
6.1. Basic audit sampling concepts
6.2. Factors affecting sample design
6.3. Factors affecting sample size
6.4. Sample selection methods
6.5. Evaluation of sample results
7. Completing the Audit/Post-Audit Responsibilities
7.1. Analytical procedures for overall review
1) Related party transactions
2) Subsequent events review
3) Assessment of going concern assumption
4) Obtaining clients representation letter
5) Evaluating findings, formulating an opinion and drafting the audit report
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