Atharva Apte asked 3 years ago
In establishing overall audit strategy, the auditor shall ascertain the reporting objectives of the engagement to plan the timing of the audit and nature of communication reqd. Elucidate those cases by which auditor can ascertain the reporting objectives of the engagement.
If the reporting objectives stated by the law/statute, how can the auditor ascertain the reporting objectives? I am not clear with the concept of this question. Please explain.
Ravi Staff answered 3 years ago
when you decide about audit strategy you have to think about many aspects
1 of them is “reporting objectives”
they are asking details of this particular area
Ravi Staff answered 3 years ago
Ascertain the reporting objectives of the engagement to plan the timing of the audit and the nature of the communications required;
Example
The entity’s timetable for reporting, such as at interim and final stages.
The organization of meetings with management and those charged with governance to discuss the nature, timing and extent of the audit work.
The discussion with management and those charged with governance regarding the expected type and timing of reports to be issued and other communications, both written and oral, including the auditor’s report, management letters and communications to those charged with governance.
The discussion with management regarding the expected communications on the status of audit work throughout the engagement.