AUDIT PLAN / PLANNING Definition

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AUDIT PLAN / PLANNING is developing an overall strategy for the expected conduct and scope of the audit. The nature, extent, and timing of planning varies with the size and complexity of the entity, experience with the entity, and knowledge of the entitys business.

Learn new Accounting Terms

OVER-BILLING is invoicing in excess of agreed upon pricing or exaggerating the amount of services or goods provided (sometimes illegally).

COST IMPLOSION is a cost rollup using the quantities and costs of low-level items through a where used chain to determine total cost of the finished item. See COST ROLLUP.

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