KRAT & Co. has been appointed as the statutory auditor of Astral Resorts Ltd. This is the first time the firm is having audit engagement in the…

CA Intermediate · Auditing and Ethics · MTP · September 2025
KRAT & Co. has been appointed as the statutory auditor of Astral Resorts Ltd. This is the first time the firm is having audit engagement in the hospitality sector. After obtaining a comprehensive understanding of the Resort and its environment, the engagement partner, CA Ankita, and other key members of the engagement team have undertaken the activity of development of an audit plan for the audit of the resort. As per SA 300, description of which of the following matters is not a part of developing an audit plan?
(A) The nature, timing, and extent of planned risk assessment procedures.
(B) The nature, timing, and extent of planned further audit procedures at the assertion level.
(C) Other planned audit procedures required to ensure compliance with Standards on Auditing.
(D) The nature, timing, and extent of resources necessary to perform the engagement.

Suggested Answer and Working Notes:

Correct Answer: Option (D)

The nature, timing, and extent of resources necessary to perform the engagement.

Topics: Risk Assessment and Internal Control, Audit Strategy, Audit Planning and Audit Programme

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