The planning stage of an audit involves the performance of detailed tests of controls and
substantive testing of transactions and accounts.

Question

Quizplus · Accepted Answer

The planning stage of an audit involves the preliminary assessment of the client's business, understanding of their internal controls, and identification of significant accounts and risks. Detailed tests of controls and substantive testing are typically performed during the fieldwork stage of the audit.

The Planning Stage of an Audit Involves the Performance of Detailed