Using the Audit Planning Process and Steps, Determine the Difference in Focus Auditors: Auditing Assignment, SMU, Singapore

Assignment Brief:

Students will research current cybersecurity threats that impact companies today. Using the audit planning process and steps, determine the difference in focus auditors need to take in order to address these threats.

Based on your research, answer the following question:

“Cybersecurity threats have changed the focus on how auditors perform their audit planning in today’s world. Do you agree? Discuss.”

Planning the Audit

When preparing the audit plan, the auditor should be guided by the results of the client acceptance/continuance process, procedures performed to gain an understanding of the entity, and preliminary engagement activities.

Additional steps:

• Assess business risks.
• Establish materiality.
• Consider multi-locations.
• Assess the need for specialists.
• Consider violations of laws and regulations.
• Identify related parties.
• Consider additional value-added services.
• Document the overall audit strategy, audit plan, and prepare audit programs.