Page 99 - Microsoft Word - 00 P1 IW Prelims.docx

Planning, materiality and assessing the risk of material misstatement

Risk assessment procedures

 Enquiries with management, of appropriate individuals within the internal audit
function (if there is one), and others (with relevant information) within the client
entity (e.g. about external and internal changes the company has experienced)

 Analytical procedures to identify trends/relationships that are inconsistent with
other relevant information or the auditor's understanding of the business.

 Observation (e.g. of control procedures)

 Inspection (e.g. of key strategic documents and procedural manuals).

95