The Planning Phase
At this stage of the audit process, it is assumed that auditors have decided to include revenues from the extraction of minerals in their audit. However, they may not yet know exactly which revenues and which controls to audit, nor which audit objectives and criteria to use in their detailed audit plan.
This section of the Practice Guide is intended to help auditors answer these questions. It is organized according to the key actions and decisions that need to be made when conducting detailed planning for the audit:
- Acquiring knowledge of business and assessing risk
- Drafting audit objectives
- Selecting audit criteria