Video: Introduction to Engagement Planning, Scope, and Timing

This lesson focuses on the crucial aspect of engagement planning, which is applicable to both review and audit engagements. The lesson emphasizes the importance of adequately planning the work and properly supervising any assistance, as per the AICPA authoritative literature. The lesson covers various aspects of planning, including audit strategy, understanding the entity and its environment, and obtaining an understanding of internal control, even if it is not being directly audited. Nick Palazzolo, CPA, also highlights the standards and guidance that should be followed throughout the planning and supervision process to ensure a successful audit engagement.