AUDIT PLANNING & PRELIMINARY INVESTIGATION & ANALYSIS
AUDIT PLANNING
Auditing is basically examination of the books of accounts to express an opinion on its fairness. Therefore, is a very vital part as because the reports generated after auditing is used by the stakeholders to make decisions. Since it is not possible for an auditor to look after every aspect of the financial reports in details in case of organisations having large number of transactions, they undertake the method of sampling and applies the policy of materiality which means the accounts or the heads that are vital are being examined in details and the rest are examined using sampling method. The materiality is also decided using the prior period audit reports and the financial reports.
ANALYTICAL REVIEW
Horizontal Analysis is basically the analysis of the changes in the statements of finance over a period of time. The analysis done in this way helps the management, owners, investors, creditors, governments, employees, customers, general public, etc. in making a view about the company's financial performance over a period of time.
PRELIMINARY JUDGEMENT OF MATERIALITY:
Blended method of materiality is basically the average method under which we take four variable and then we weight them using average. It is basically consideration of the quantitative factors while planning the audit procedures.
Performance materiality is the analysis of the overall financial reports in such a way that amount or the areas left untouched if summed up does not goes beyond the overall materiality level.
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