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Audit Test Plan

Audit Test Plan Template for New Zealand

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Key Requirements PROMPT example:

Audit Test Plan

"I need an Audit Test Plan for a mid-size financial services company in New Zealand, with special emphasis on anti-money laundering compliance and financial reporting requirements, to be implemented from March 2025."

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Document background
The Audit Test Plan serves as the foundational document for planning and executing audits in New Zealand, ensuring compliance with local regulations and international standards. This document is essential when conducting statutory audits, internal audits, or specialized review engagements. The Audit Test Plan encompasses comprehensive risk assessments, testing methodologies, and quality control procedures aligned with the requirements of the Financial Reporting Act 2013, Companies Act 1993, and Auditor Regulation Act 2011. It provides a systematic approach to gathering audit evidence, evaluating internal controls, and forming audit opinions while maintaining professional standards and meeting regulatory requirements specific to the New Zealand jurisdiction.
Suggested Sections

1. Purpose and Objectives: Clearly states the purpose of the audit test plan and specific objectives to be achieved

2. Scope of Audit: Defines the boundaries of the audit, including timeframes, locations, and systems to be reviewed

3. Risk Assessment: Documents the key risks identified and their assessment, including inherent risks and control risks

4. Materiality Thresholds: Establishes quantitative and qualitative materiality levels for the audit

5. Testing Methodology: Outlines the general approach to testing, including sampling methods and evidence collection procedures

6. Key Controls Testing: Details the specific controls to be tested and the testing procedures for each

7. Substantive Testing Procedures: Describes the substantive testing procedures to be performed

8. Resource Allocation: Specifies team members, roles, responsibilities, and time budgets

9. Timeline and Milestones: Provides the audit schedule including key dates and deliverables

10. Quality Control Procedures: Describes the quality review process and documentation requirements

Optional Sections

1. IT Systems Review: Detailed procedures for testing IT systems and controls, included when the audit involves significant IT components

2. Fraud Risk Procedures: Specific procedures for addressing fraud risks, included when fraud risk is assessed as significant

3. Regulatory Compliance Testing: Additional procedures for specific regulatory requirements, included for regulated industries

4. External Expert Involvement: Procedures involving external experts or specialists, included when specialist expertise is required

5. Prior Year Findings Follow-up: Specific procedures to follow up on previous audit findings, included when there are significant prior year issues

6. Group Audit Considerations: Procedures specific to group audits, included when auditing a parent company with subsidiaries

Suggested Schedules

1. Risk Assessment Matrix: Detailed matrix showing risk evaluation and assessment criteria

2. Sampling Methodology Details: Technical details of sampling approaches and sample size calculations

3. Testing Templates: Standard templates for documenting test procedures and results

4. Control Testing Checklist: Detailed checklist for testing internal controls

5. Materiality Calculation Worksheet: Detailed calculations and basis for materiality determinations

6. Timeline Gantt Chart: Detailed project timeline in Gantt chart format

7. Resource Allocation Matrix: Detailed breakdown of team member assignments and hours

8. Key Stakeholder Contact List: Contact information for all relevant parties involved in the audit

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































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Relevant Industries

Financial Services

Manufacturing

Retail

Technology

Healthcare

Education

Government

Non-profit

Professional Services

Energy

Transportation

Real Estate

Construction

Mining

Agriculture

Telecommunications

Relevant Teams

Audit

Risk Assurance

Quality Control

Internal Audit

External Audit

Compliance

Finance

Risk Management

Technical Standards

Professional Standards

Quality Review

Relevant Roles

Audit Partner

Senior Auditor

Audit Manager

Junior Auditor

Quality Review Partner

Risk Assurance Manager

Compliance Officer

Financial Controller

Chief Financial Officer

Internal Audit Director

External Audit Director

Audit Committee Member

Risk Manager

Assurance Partner

Technical Director

Regulatory Compliance Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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