Do We Have the Knowledge and Experience to Plan an Audit?

In many cases, it's very clear that some of the management have done other things before, right? So that's step number one. And what we've found in many cases, and there's lots of academic research, is that the firms go through that brain storming process and they document a whole bunch of crap. Then you do the audit keeping in mind that it needs to be planned with an eye towards whether or not there is a risk of material misstatement due to error fraud. Laughedtha: "That seems like that would actually be the funniest part of autit"

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