ACCA Audit and Assurance (F8) Practice Exam

Which of the following is NOT an Audit Planning objective?

1. To work effectively with external auditors

2. To assist in selecting an appropriate team

3. To identify and resolve problems on an indefinite timeline

4. To aid attention to important areas

The correct answer is: To identify and resolve problems on an indefinite timeline

Audit planning is a crucial phase in the auditing process and typically involves setting objectives that ensure the audit is conducted efficiently and effectively. One of the primary objectives is to identify and focus on key areas that may pose significant risks or require special attention, thus helping the audit team allocate resources effectively. Choosing a timeline that is indefinite does not align with the structured approach needed in audit planning. Audits have defined objectives and deadlines, and problems must be resolved within a specific timeframe to ensure the audit's timely completion. An indefinite timeline could lead to inefficiencies, delays, and a lack of direction, countering the purpose of the audit planning process. In contrast, effective collaboration with external auditors, selecting an appropriate team, and focusing attention on important areas are well-established objectives of audit planning. They aim to improve coordination, ensure that the right expertise is available, and concentrate the audit’s resources on the most critical issues, hence promoting an effective audit outcome.