|Effective Date||This standard currently is effective.|
|Applicability||All audit planning.|
Engagement Partner. The individual responsible for an audit engagement and its performance.
Public Company Accounting Oversight Board (PCAOB) Auditing Standard 9 sets the objective of planning an audit so that it is conducted effectively.
The audit partner is responsible for planning the audit. He or she may seek assistance from team members to fulfill this responsibility. Those individuals assisting the engagement partner with audit planning should also comply with those requirements of this standard pertaining to them.
The auditor should properly plan the audit. This includes establishing the overall audit strategy and developing an audit plan. The plan should include risk assessment procedures and planned responses to the risks of material misstatement. This is not a discrete phase of the audit, but rather a continual and iterative process. It may begin with the completion of the previous audit and continue through the current audit.
The auditor should perform the following activities at the beginning of an audit: