Because of the requirements of Rule 201 of the AICPA's Code of Professional Conduct which state that auditors should 'undertake only those professional services that the member or the member's firm can reasonably expect to be completed with professional competence,' auditors are not normally permitted to consult with, or rely on the work of, outside specialists during an audit engagement.

Audit planning is the process of developing a general strategy and detailed approach for the expected nature, timing, and extent of an audit. It's usually conducted at the beginning of the audit process.  Audit planning involves: Objectives: Formulating specific targets that will verify the amount reported in the books are correct Risks: Specifying the risk being mitigated with each objective Design: Developing a specific process to accomplish each objective and therefore mitigate the risk associated with that objective  The audit plan includes information about the client's business,... Show more

Audit planning is the process of developing a general strategy and detailed approach for the expected nature, timing, and extent of an audit. It's usually conducted at the beginning of the audit process. 

Audit planning involves:
Objectives: Formulating specific targets that will verify the amount reported in the books are correct
Risks: Specifying the risk being mitigated with each objective
Design: Developing a specific process to accomplish each objective and therefore mitigate the risk associated with that objective 

The audit plan includes information about the client's business, the audit team, and the work allocation between team members. It also includes the nature, timing, and extent of the audit procedures. 
The audit plan helps the audit team identify where special attention is needed, the materiality of evidence, and the effectiveness of internal control. It also ensures that appropriate attention is devoted to important areas, potential problems are promptly identified, work is completed expeditiously, and work is properly coordinated. 
The Audit Planning Memorandum (APM) is a document that outlines the objectives, scope, and approach of an audit. It is used by auditors to plan and guide their audit work. The APM is usually written by the audit team leader and reviewed by other team members before the audit begins.

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