Lesson: Engagement Planning, Scope, & Timing Objectives

Instructor: Nick Palazzolo

This lesson delves into the significance of an overall engagement strategy for both audit and non-audit engagements, highlighting the importance of preparing a detailed engagement plan. Emphasis is placed on understanding the deadlines, team members involved, and the process from acceptance to assessment results. Additionally, the lesson covers the identification of matters related to the plan's scope and timing that need to be communicated with management and those charged with governance. By doing so, Nick Palazzolo, CPA, aims to help prepare for successful engagement planning in real-world audit scenarios.

Updated: June 22, 2023 Create an account

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Engagement Planning, Scope, & Timing Overview

Engagement Planning, Scope, & Timing Objectives

Introduction to Engagement Planning, Scope, and Timing

Understanding the Engagement and the Client

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Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Now, first off, we want to explain the purpose and the significance of the overall engagement strategy for an audit or non-audit engagement, as we say for all of these lessons, unless otherwise stated, they apply to audit or non-audit engagements specifically for the overall engagement process, acceptance, continuance, planning, testing, results, all that assessment results. We also want to prepare a detailed engagement plan for any type of engagement, starting with the prior year engagement plan or with a template. We want to understand what we're doing. We want to understand what is the deadline for us to accomplish this by, who is working on it, get all of those facts in order. We also want to identify matters related to the plan's scope and the timing of this engagement that should be communicated to management and those charged with governance, just like if you are hiring a contractor to build up your house to make some improvements, renovations, not that I'd ever hope to have those, let alone own a house. So too, would you plan with that contractor and say, all right, here's the deadline. You kind of need to have the floors done by two weeks from now so we can move in or deal with that, have the roof done. You're going to talk about all the details here in the planning stage. Let's dive in to our material and have a good time learning, memorizing, and getting you those points on the exam.

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Engagement Planning, Understanding an Entity, & Understanding its Internal Control

Module: 2 Concepts, 36 Lessons

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