An audit planning for the audit of Keystone Computers & Network, Inc. (KCN) financial statements is vital because it guarantees various stakeholders that the firm complies with state laws, accounting and auditing standards. In the case of KCN, numerous accounting issues should be addressed as a way of making the books of accounts credible and relevant to users. Similarly, audit plan helps audit staff to comprehend the working environment; thus, enhancing effectiveness of the audit. For instance, auditors should be given an opportunity by the management to learn a few things about the company activities in the previous year. This move helps audit staff to identify challenges and propose potential solutions. Largely, stakeholders of KCN should be given an opportunity to look at the auditor report, which confirms whether the financial statements symbolize a true and fair view of the company financial health. The audit deficiencies should be addressed to ensure that mistakes identified will not be repeated in the present fiscal period.
Keywords: Audit Plan; Audit Report; Financial Auditing Standards; Generally Acceptable Accounting Principles
An audit plan for Keystone Computers & Networks Inc. focuses on identifying whether KCN financial statements exemplify a true and fair view. This practice is crucial for KCN because it will ensure that potential problems are identified, and favor…
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