9.401 Auditing. Chapters 7 and 8 Audit Planning and Documentation Materiality and Risk. Audit Planningâ€¦. What? Developing a general strategy and detailed approach for the expected nature, timing, and extent of the examination Why? Ensure GAAS is fulfilled Keep costs reasonable
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Chapters 7 and 8
Audit Planning and Documentation
Materiality and Risk
Sufficiency of evidence: determined by materiality, acceptable audit risk, inherent risk and control risk…
Appropriateness of evidence: determined by its relevance and reliability
In relation to materiality. See AuG7.
Acceptable Audit Risk
= Inherent risk
* Control risk
* Detection risk