CAAS - 101 - Cost Audit and Assurance Standard on Planning an Audit of Cost Statements

Audit planning: document an overall strategy and detailed plan to address risk, supervision and audit procedures.

The Standard requires cost auditors to formulate and document an overall audit strategy setting scope, timing and direction and to develop a detailed audit plan specifying the nature, extent and timing of risk assessment, audit procedures, team supervision and review; it mandates verification of appointment formalities and independence, consideration of entity complexity, industry-specific reporting frameworks, reliance on other auditors and available resources, and updating and documenting significant changes to strategy and plan during the audit.