## Planning as a Continuous / Repetitive Process
Audit planning is not a separate, one-time phase at the start of the audit. It is a repetitive, iterative process that:
- Begins with completion of the previous audit engagement
- Continues throughout the entire current audit engagement
- Ends at the completion of the current audit
### When Does the Auditor Update the Plan?
The auditor must update the audit strategy and audit plan when:
- Unexpected events occur
- Conditions change during the audit
- New audit evidence is obtained from audit procedures
This may also cause changes in the Nature, Timing, and Extent of Further Audit Procedures based on revised risk assessments.
> Example: If new evidence reveals management has been overriding internal controls (not known at planning stage), the auditor must revise the audit plan to increase substantive testing.
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## Benefits of Audit Planning
| # | Benefit |
|---|---|
| i | Devote appropriate attention to important areas of the audit |
| ii | Identify and resolve potential problems on a timely basis |
| iii | Properly organise the audit to be conducted effectively and efficiently |
| iv | Helps in selection of engagement team members with appropriate capabilities |
| v | Facilitates direction, supervision, and review of team members' work |
| vi | Helps in coordination of work done by auditors of components and experts |