Identify and explain the need for, benefits of and importance of planning an audit

Question

Identify and explain the need for, benefits of and importance of planning an audit

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Solution 1

The need for planning an audit:

Understanding the Entity: Planning an audit helps the auditor to understand the entity, its environment, and its internal control system. This understanding helps the auditor to identify areas where there may be a high risk of material misstatement.
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Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
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