What is one benefit of planning an audit as identified in ISA 300?

Planning an audit, as identified in ISA 300, is crucial for facilitating coordination and supervision of the audit work. This benefit is significant because effective planning helps ensure that all team members understand their roles and responsibilities, leading to a more organized and efficient audit process.

When an audit is properly planned, it allows auditors to allocate resources effectively, schedule tasks, and communicate with each other throughout the engagement. This coordination is essential for addressing the complexities of the financial statements and ensuring that all relevant areas are audited appropriately. Supervision is also enhanced, enabling audit leads to monitor progress, provide guidance, and make any necessary adjustments to the audit approach as issues arise.

The other options, while presenting appealing ideas, do not accurately reflect the realities of audit planning. For example, planning does not eliminate all client risks since risks can still exist even with comprehensive planning in place. Similarly, while planning can improve efficiency and effectiveness, it cannot guarantee a perfect audit outcome. Furthermore, budget allocations are typically determined based on the scope of work and resources required, but planning does not inherently allow for "unlimited" budget allocations, as audits must still operate within financial constraints. Therefore, the emphasis on coordination and supervision is the primary benefit highlighted in ISA 300.