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Understanding Audit Phases: Planning

Mar 9, 2025

Auditing

Understanding Audit Phases: Planning

Understanding Audit Phases: Planning main image
Understanding Audit Phases: Planning-image

The planning phase of the audit is extremely important. According to AU-C 315, planning the audit includes establishing the overall audit strategy for the engagement and developing an audit plan, which includes planned risk assessment procedures and planned responses to the risks of material misstatement. During this course, we will discuss the preliminary engagement activities, planning activities, audit strategy, and audit plan that are all essential to the planning phase. We will also introduce materiality in the planning and performing of an audit, as well as identifying and assessing the risks of material misstatement.

Upon completion, learners will be able to:
1. Recognize parts of the audit engagement letter
2. Identify acceptance and continuance procedures that engagement teams should perform
3. Identify the preliminary engagement activities that are performed in the planning phase
4. Identify the planning activities that are performed in the planning phase
5. Distinguish considerations for establishing materiality for the financial statements in the planning phase

Tag: Level Training
Suggested Staff Level: New Hire / First Year
CPE Credits: 2 Credits
Program Level: Basic
Instructor: Jaclyn M. Veno
Prerequisites: None
Advanced Preparation: None

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Jaclyn Veno CPA | Auditing Level Training | CPE

Melisa Galasso, CPA, CSP, CPTD

Melisa F. Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting.

Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI. She also supports essential professional development, audit level training, and train the trainer efforts.

Melisa is a Certified Speaking Professional, a Certified Professional in Talent Development (CPTD), and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers.

She also serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the AICPA’s Women’s Initiative Executive Committee (WIEC). She also serves as a Subject Matter Expert for the Center for Plain English Accounting. She previously served on the AICPA’s Technical Issues Committee (TIC), the VSCPA’s Board of Directors, and is a past Chair of the NCACPA’s A&A committee. In addition, Melisa is the author of Money Matters for Nonprofits: How Board Members Can Harness the Power of Financial Statements by Understanding Basic Accounting which is available on Amazon or anywhere you purchase books online.

Melisa received a Top 50 Women in Accounting Award in 2021 by Ignition, is a 2020 Enterprising Women of the Year Award recipient, and was honored as a “40 under 40” by CPA Practice Advisor in 2017, 2018, and 2019. She was also named the 2019 Rising Star by her regional NAWBO chapter, received the Don Farmer award for achievement in technical content instruction, and earned several other awards for public speaking and technical training.