Should The Audit Team Go To Setting An Audit Plan?

Following the preliminary engagement activities, the audit team should go about setting an audit strategy and have an audit plan developed. The strategy will go over aspects of how the audit procedure and discuss the scope, timing, and direction of the audit itself. This well help determine resources that the audit team will need in order to carry out the audit including experience of auditors, and the industry specific skills that may be necessary. Amount of resources should also be taken into consideration, such as the number of partners, managers, seniors, and associates we may need. In terms of timing, there should be an understanding of when the engagement will take place, in addition to deadlines that are given. Lastly, there should be a guideline on how appropriate auditors within the team are managed, and supervised. …show more content…
Individuals should have worked with and understand the oil and gas industry. These can come from auditors who have audited Chesapeake Energy in the previous years, or there is the possibility of bringing in new auditors. Doing so has the possibility of adding fresh eyes on the team. As a mid-size company with extensive operations, Chesapeake Energy would be considered a medium sized company. For Chesapeake Energy, we would estimate to have 8-10 auditors within the team. This would also include specialists such as reserves estimators, tax specialists, and legal detailed