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EXECUTION VERSION Beneficiaries Deed24 September 2018VIRGIN MONEY PLC (as Seller, as a Beneficiary and as a Monies Mortgage Trust Beneficiary)BOSWORTH FUNDING 20181 PLC (as Issuer and as a Beneficiary)BOSWORTH

How to fill out audit planning and control

How to fill out audit planning and control

1. Identify the objectives of the audit: Before starting the audit planning and control process, it is important to identify the specific objectives and goals that the audit should achieve.
2. Determine the scope of the audit: Define the areas, processes, and functions that will be audited. This step helps in focusing the audit efforts and ensuring that all necessary areas are covered.
3. Develop an audit plan: A detailed plan should be created, outlining the audit procedures, timelines, resources required, and the responsible individuals or teams involved.
4. Allocate resources: Allocate the necessary resources, such as personnel, budget, and technology, to execute the audit plan effectively.
5. Establish control measures: Implement control measures to ensure that the audit procedures are followed correctly and that any deviations or issues are addressed timely.
6. Perform the audit: Execute the audit plan by conducting fieldwork, collecting relevant data, conducting interviews, reviewing documents, and performing necessary tests.
7. Analyze findings: Analyze the collected data and findings to identify any potential issues, risks, or areas for improvement.
8. Report and communicate: Prepare a comprehensive report that summarizes the audit findings, including observations, recommendations, and any required actions. Communicate the report to the relevant stakeholders.
9. Follow-up and monitor: Monitor the implementation of the audit recommendations, track progress, and conduct follow-up audits if necessary.
10. Continuously improve: Learn from the audit process and use the insights gained to continually improve future audit planning and control procedures.

Who needs audit planning and control?

1. Audit planning and control is needed by organizations of all sizes and across different industries. It is particularly important for companies that want to ensure compliance with regulatory requirements, assess their internal control systems, identify potential fraud or errors, and achieve better risk management. Audit planning and control is also beneficial for organizations that want to enhance operational efficiency, optimize resource utilization, and promote transparency and accountability.

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What is audit planning and control?

Audit planning and control involves the processes and strategies used to prepare and manage audits effectively. It includes defining the scope of the audit, identifying risks, and establishing objectives to ensure a thorough and efficient audit process.

Who is required to file audit planning and control?

Organizations and individuals subject to auditing requirements, such as companies, public institutions, and certain professionals, are required to file audit planning and control documentation as part of their compliance with regulatory standards.

How to fill out audit planning and control?

To fill out audit planning and control, one should gather relevant financial and operational data, assess risks, outline the audit scope, define objectives, and document the methodology and timelines for the audit process.

What is the purpose of audit planning and control?

The purpose of audit planning and control is to ensure that audits are conducted systematically and efficiently while minimizing risks, adhering to regulations, and providing assurance on the accuracy and integrity of financial statements.

What information must be reported on audit planning and control?

The information that must be reported includes the audit objectives, scope, methodologies, identified risks, resources required, timelines, and any relevant compliance or regulatory requirements.