ABS & Co., Chartered Accountants, have been appointed as statutory auditors of Aerotech Systems Pvt. Ltd., a company that makes advanced…

As per SA 300, “Planning an Audit of Financial Statements", Planning includes the need to consider, prior to the auditor's identification and assessment of the risks of material misstatement, such matters as: - The analytical procedures to be applied as risk assessment procedures.Obtaining a general understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework.The determination of materiality.The involvement of experts.The performance of other risk assessment procedures. The auditor is also required to consider determination of material or significant matters while planning. It also includes consideration that whether experts need to be involved taking into account complexity of business. In the given case, since the company is engaged in technical and complex operations, the auditor is required to evaluate regarding the involvement of an expert at planning stage in accordance with SA 300. Such consideration helps in ensuring that the auditor has access to the required technical knowledge and skills for the audit. Thus, consideration for involvement of experts by auditors falls within domain of audit planning.