As with any other approach to auditing financial statements, if an auditor adopting a business risk-based approach wants to ensure an effective and efficient audit then they must ensure that the audit work is properly planned.
Students may already be aware of the statements ‘proper planning prepares for proper performance’, and ‘poor planning prepares for poor performance’, which are particularly pertinent when applied to an audit situation. （）
However, the question remains as to what constitutes ‘proper planning’ with regard to an audit assignment.
