Auditors develop overall audit plans to ensure that they obtain \"sufficient app

Question

Auditors develop overall audit plans to ensure that they obtain "sufficient appropriate audit evidence.” To this end, auditors employ various types of audit tests, or audit procedures. The extent to which auditors use different audit procedures and the timing of those procedures is a matter of professional judgment, which depends upon a number of factors. Decisions about the mix of audit procedures and the timing of procedures significantly impact the speed with which an audit report can be issued.

What factors will an auditor likely consider when determining the types and timing of audit procedures?

Explanation / Answer

There may be many factors that affect types and timing of audit procedures but here we are discussing only factors that have much importance.

Selection of audit procedure is influenced by a number of factors, i.e. cost associated with different type of audit procedure, availability of audit evidence, level of effectiveness of internal control system, presence of inherent risks etc. Whereas the timing of audit procedure is influenced by various factors some out of them are; Effectiveness of client’s internal control, time of audit needed by the client, availability of adequate audit’ staff and most effective time of audit evidence etc.

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