Planning an engagement

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In need of a template of planning engagement document to understand more
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Shared By: MuhammadJazib
Date: June 17, 2021
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  1. You can divide planning in two areas namely pre-lim planning and formal planning

    You usually start off your prelim with obtaining strategic documents (budget, delegation of authority, monthly financials, applicable laws and legislation, sOP’s, previous external reports and user access to evaluate IT controls) to gain a deeper understanding of the area/department under review. You then can hold a Audit Team meeting (needs to be documented) where you discuss what is your goals for the engagement, after the team meeting you can hold a client meeting where you discuss the teams objectives for the engagement and get some insight/ concerns from the client which effects your engagement. Then you can sign your disclosure per audit team meeting, the disclosure is based on the Code of Ethics of the IIA..

    Formal planning includes the flowcharts and system description, which gives you a understanding of the processes that the area/department is following in their daily operations, it also gives you an opportunity to identify risks and controls for that risks. It will help you to drafting your working papers as well, because now you now what to test in order to gain a conclusion on whether the controls are effective or if they failed. After completing the formal planning, jou can draft a engagement letter where you notify the client what is your scope for the engagement, risks identified during planning and the timeline of the audit. The client must sign this and then you can start with execution. I would recommend you design a checklist for yourself to make sure you have all this info at your disposal before you start with execution as it is important to gain as much knowledge possible on the area/department under review in order to achieve your desired results for the engagement

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