Lesson: Planning an Integrated Audit

In this lesson, Nick Palazzolo discusses the key aspects to consider when planning an integrated audit. He focuses on evaluating the type of available evidence concerning the effectiveness of internal controls, making preliminary judgments on their effectiveness, and identifying recent changes in an entity's operations that could present significant risks. Nick also highlights that the actual evaluation of the operating effectiveness of internal controls takes place after the planning stage. Furthermore, he explains that during the planning phase, the auditor will design tests of controls with the objectives of obtaining sufficient appropriate evidence to support their opinions on internal control and the control risk assessments for the financial statements.