Lesson: Timing and Extent of Audit Procedures

In this lesson, the focus lies on the timing and extent of audit procedures. The timing of these procedures refers to when they are performed and the extent refers to the quantity of the specific audit procedures to be performed. Factors to consider when determining the timing of audit procedures include the control environment, availability of relevant information, the nature of the risks, and the period or date to which the audit evidence relates. As for the extent, this is determined by the auditor's judgment while considering tolerable misstatement, assessed risk of material misstatement, and the degree of assurance planned to be obtained. The relevance and reliability of audit procedures, as well as appropriate sampling techniques, are discussed as crucial elements in achieving valid conclusions.