preliminary survey information has the greatest effect on the efficiency of an audit. Adequate preliminary survey information allows auditors to focus on the most significant areas of risk and concern, plan the audit effectively, and avoid unnecessary work. Properly conducted preliminary surveys help in identifying key areas to examine, setting the scope, and determining the appropriate resources needed, thus making the audit process more efficient.
It is not enough to achieve the engagement objectives (that is effectiveness).
An efficient engagement looks at existing risks and controls, as well as the scope.
When planning an engagement, it is necessary to look at costs, economies, and address the mix (adequacy) of resources to accomplish the engagement (that is efficiency).
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