As a Part of the Planning Process,auditors Develop an Audit

question 6

Essay

As a part of the planning process,auditors develop an audit strategy,an audit plan,and a time budget.
a.Describe an audit strategy and explain its purpose.
b.Describe an audit plan and explain its purpose.
c.Describe a time budget and explain its purpose.

---

Definitions:

Periodic Cash Payments

Payments made regularly over a period of time, such as dividends or loan repayments.

Lease Rental Expense

An expense incurred from leasing an asset, which is typically recorded on a lessee's income statement.

Lease Liability

An obligation representing the present value of leasing payments due under a lease agreement.

Current Portion

The portion of a long-term liability that is due to be paid within the next twelve months.