What is the purpose of an audit plan?

The purpose of an audit plan is to outline the nature, extent, and timing of audit procedures. This plan serves as a roadmap for auditors to ensure that they adequately address all relevant aspects of the audit engagement. It helps to identify key audit areas based on risk assessments and materiality considerations, guiding the auditor in performing efficient and effective procedures.

An audit plan is essential for structuring the audit process, ensuring that all necessary steps are taken within the allotted time frame. It assists auditors in allocating resources appropriately, determining the skills and competencies required, and establishing deadlines for various audit stages. This comprehensive plan is critical for achieving the audit’s objectives and ensuring compliance with auditing standards.

The other options focus on tasks that are not relevant to the audit process. Creating marketing materials pertains to business development rather than auditing, determining a client's tax obligations falls within the realm of tax services rather than audits, and preparing financial statements is the responsibility of the management of the entity being audited, not the auditors.