Audit Plan
Audit Plan (Two Pages Double Spaced)
Company Hudsons Bay
Based on a detailed examination of the financial statements (including notes) and your knowledge of the company’s business and its industry, prepare a broad audit plan. At a minimum, you should consider:
- What material types of transactions and transaction cycles are involved?
- What inherent risk factors are there for this industry? This company?
- What are the high-risk areas from an audit perspective? Why?
- What are the low-risk areas from an audit perspective? Why?
- What specific audit procedures would you consider? What would their timing be?
- What would you base your initial assessment of materiality on? What would your assessment be?
- How will your audit effort be allocated among geographical areas? Among lines of business?
- Will your audit require reliance on any experts? Which ones? What level of audit staff will be required for the audit?
- What type of audit report was issued? Which GAAP and GAAS were used? Why?
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