Considerations in Audit Planning "CRAM"
Risk of Material Misstatement (ROMM)
Acceptable Level of Audit Risk
Components of Internal Control (CRIME)
One. Control Environment (CHAMPOI)
Two. Risk Assessment Process
Three. Monitoring of Controls
Four. Information System and Communication
Consideration of Materiality
B. Performance Materiality (Planning or Scoping Materiality)
C. Specific Materiality (Individual Materiality)
P S A three hundred - Planning an Audit of Financial Statements
Considerations for the Establishment of Overall Audit Strategy
Direction, Supervision, and Review
Risk Assessment Procedures (RAP)
RAP's Specific Audit Procedures
Four. Analytical Procedures (PSA five hundred twenty)
Subsequent Unmodified Opinion
PSA five hundred fifty - Related Parties
PSA six hundred ten - Internal Auditors' Work
Considerations to Smaller Entities