ACCA Audit and Assurance (F8) Practice Exam

What is one of the objectives of Audit Planning?

1. To reduce overall auditing costs

2. To increase the number of auditors on the team

3. To assist in the coordination of external auditors and experts

4. To limit the scope of the audit

The correct answer is: To assist in the coordination of external auditors and experts

One of the primary objectives of audit planning is to assist in the coordination of external auditors and experts. Effective audit planning involves identifying the appropriate resources and personnel that will contribute to the audit process, including the collaboration with external auditors and specialists as needed. This coordination is crucial, especially in complex audits where specific expertise may be required, ensuring that all relevant areas are covered and that the audit is comprehensive. By fostering clear communication and collaborative efforts among all parties involved, the audit process can be executed more smoothly and efficiently. This objective ultimately contributes to the quality of the audit, as it leverages the strengths and insights of various professionals, thereby enhancing the reliability of the audit findings. Other aspects of audit planning, such as reducing costs, increasing the number of auditors, or limiting the scope, may play a role in the overall strategy but do not directly address the necessity for coordination among the auditors and experts who will be integral to the success of the audit.