Figure 14 — The verification engagement process: Planning
As the verification engagement consists of previously agreed procedures there is no need for the audit team leader to design the procedures to be conducted based on the risks identified.
However, the audit team leader must still develop a verification engagement plan and amend that plan during the verification engagement to ensure the engagement is carried out efficiently and effectively.
For example, this plan would likely include practical details such as:
- timing of completion of the verification procedures
- responsible team members for the completion and review of the verification procedures, and
- information required from the audited body to complete the verification procedures.
Subsection 4.42 of the NGER Audit Determination requires the verification engagement terms to be included in the verification plan.