Acca aa s21 Notes

WHEN YOU FINISHED THIS CHAPTER YOU SHOULD ATTEMPT THE 
ONLINE AA MCQ TEST
 
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September 2021 to June 2022 exams
Watch our free ACCA AA lectures
44

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PLANNING AND RISK ASSESSMENT (I)
Chapter 7
THE STAGES OF AN AUDIT – 
APPOINTMENT
1. Overview
Plan the audit
Understand entity
Assess risk of material misstatement
Respond to risk
Expect effective controls
Expect ineffective controls
Tests of controls
Report significant deficiencies to 
those charged with governance
Satisfactory
Full substantive 
procedures
Reduced substantive 
procedures
Overall review of FS
Report to management
Auditor’s report
Appointment
Unsatisfactory
This is an important and useful diagram and it sets out the stages or approach to an audit.
September 2021 to June 2022 exams
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