The Planning And Risk Assessment In Auditing document is a crucial component of the audit process in Canada, required by Canadian Auditing Standards and professional regulations. It serves as the primary planning tool for audit engagements, documenting the auditor's understanding of the entity, risk assessment procedures, and planned audit approach. This document is essential for demonstrating compliance with CAS requirements, particularly CAS 300 (Planning an Audit) and CAS 315 (Identifying and Assessing Risks of Material Misstatement). It must be prepared at the outset of each audit engagement and updated as necessary throughout the audit process, incorporating considerations specific to the Canadian business environment, applicable provincial regulations, and industry-specific requirements.
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1. 1. Introduction: Overview of the audit engagement and purpose of the planning document
2. 2. Client Information: Key details about the client entity, including nature of business, ownership structure, and operational characteristics
3. 3. Engagement Parameters: Scope of the audit, timing, reporting requirements, and any specific engagement considerations
4. 4. Understanding the Entity: Analysis of the entity's internal control system, business environment, and industry conditions
5. 5. Materiality Assessment: Determination and documentation of materiality levels for planning and performance
6. 6. Risk Assessment Procedures: Identification and assessment of risks of material misstatement at financial statement and assertion levels
7. 7. Fraud Risk Considerations: Specific assessment of fraud risks and planned responses
8. 8. Resource Planning: Allocation of team resources, timeline, and budget considerations
9. 9. Overall Audit Strategy: Summary of the planned audit approach and key focus areas
10. 10. Quality Control Measures: Specific quality control procedures to be implemented during the engagement
1. Group Audit Considerations: Required when the engagement involves multiple components or subsidiaries
2. IT Systems Assessment: Detailed analysis of IT systems when the client has complex technological environments
3. Regulatory Compliance Framework: Required for entities in highly regulated industries
4. Going Concern Assessment Planning: Required when there are identified going concern risks
5. Previous Audit Matters: Include for recurring audit clients to address previous year's issues
6. Special Considerations for First-Time Audits: Required for first-time audit engagements
7. Expert Involvement Planning: Required when specialist expertise is needed in specific areas
1. Schedule A - Risk Assessment Matrix: Detailed matrix of identified risks and their assessment
2. Schedule B - Materiality Calculations: Detailed calculations and basis for materiality determinations
3. Schedule C - Planning Analytics: Preliminary analytical procedures and results
4. Schedule D - Resource Allocation Schedule: Detailed staffing plan and timeline
5. Schedule E - Internal Control Questionnaire: Detailed assessment tool for internal control evaluation
6. Appendix 1 - Risk Assessment Procedures Checklist: Detailed checklist of required risk assessment procedures
7. Appendix 2 - Planning Meeting Minutes: Documentation of key planning discussions and decisions
8. Appendix 3 - Industry-Specific Considerations: Detailed analysis of industry-specific risks and considerations
9. Appendix 4 - Communication Plan: Schedule and format of planned communications with management and those charged with governance
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Retail
Technology
Healthcare
Energy and Resources
Real Estate
Professional Services
Public Sector
Non-Profit Organizations
Consumer Goods
Telecommunications
Mining
Construction
Education
Relevant Teams
Audit
Risk Management
Quality Assurance
Internal Audit
Compliance
Finance
Legal
Operations
Information Technology
Corporate Governance
Relevant Roles
Audit Partner
Senior Audit Manager
Audit Manager
Senior Auditor
Staff Auditor
Quality Review Partner
Risk Assessment Specialist
Internal Audit Director
Compliance Officer
Financial Controller
Chief Financial Officer
Audit Committee Chair
Risk Management Director
Technical Accounting Director
Engagement Quality Reviewer
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