Large Language Models (LLMs) have shown great promise in code analysis and auditing; however, they still struggle with hallucinations and limited context-aware reasoning. We introduce SmartAuditFlow, a novel Plan-Execute framework that enhances smart contract security analysis through dynamic audit planning and structured execution. Unlike conventional LLM-based auditing approaches that follow fixed workflows and predefined steps, SmartAuditFlow dynamically generates and refines audit plans based on the unique characteristics of each smart contract. It continuously adjusts its auditing strategy in response to intermediate LLM outputs and newly detected vulnerabilities, ensuring a more adaptive and precise security assessment. The framework then executes these plans step by step, applying a structured reasoning process to enhance vulnerability detection accuracy while minimizing hallucinations and false positives. To further improve audit precision, SmartAuditFlow integrates iterative prompt optimization and external knowledge sources, such as static analysis tools and Retrieval-Augmented Generation (RAG). This ensures audit decisions are contextually informed and backed by real-world security knowledge, producing comprehensive security reports. Extensive evaluations across multiple benchmarks demonstrate that SmartAuditFlow outperforms existing methods, achieving 100 percent accuracy on common and critical vulnerabilities, 41.2 percent accuracy for comprehensive coverage of known smart contract weaknesses in real-world projects, and successfully identifying all 13 tested CVEs. These results highlight SmartAuditFlow's scalability, cost-effectiveness, and superior adaptability over traditional static analysis tools and contemporary LLM-based approaches, establishing it as a robust solution for automated smart contract auditing.