Exam 2 Study Guide Chapters 8, 9, 10, 14, 16, 23 Chapter 8: Audit Planning and Analytical Procedures These are the 8 steps of Planning and Audit and Designing an Audit Approach: 1. Accept client and perform initial audit planning. 2. Understand the client’s business and industry. 3. Assess client business risk. 4. Perform preliminary analytical procedures. 5. Set materiality and assess acceptable audit risk and inherent risk. 6. Understand internal control and assess control…
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