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Launching a New Project: Planning an Audit

Launching a New Project: Planning an Audit

A new project is on the table. The client wants auditors to start work soon, and so the process begins. Often in external audits, clients will limit the information provided until engagement letters and nondisclosure agreements have been signed. Most external audit organizations severely limit the work auditors are permitted to perform on a project before the client has signed the engagement letter so that both the audit firm and the client have a clear and formal understanding on the scope and purpose of the audit.

Note

Planning for an internal audit is similar to an external audit, minus the topic of how much it will cost and payment terms. Otherwise, most of the planning elements are nearly the same.



  

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