Audit planning is a vital area of the [audit], primarily conducted at the beginning of audit process, to ensure that appropriate attention is devoted to important areas, potential problems are promptly identified, work is completed expeditiously and work is properly coordinated.
"Audit planning" means developing a general strategy and a detailed approach for the expected nature, timing and extent of the audit.
The auditor plans to perform the audit in an efficient and timely manner.
In simple words, developing an overall strategy for the effective conduct and scope of the examination.
Audit planning includes establishing the overall strategy for the audit engagement, with a particular focus on planned risk assessment procedures and responses to the identified risks of material misstatement.