In short
The audit plan is more detailed than the overall audit strategy. It sets out the nature, timing and extent of the risk assessment procedures, the further audit procedures at the assertion level, and other planned procedures.
Key takeaways
- It is updated throughout the audit as risks are reassessed.
- Significant changes to the plan, and the reasons for them, are documented.
- The strategy sets scope, timing and direction; the plan sets the detailed procedures.
Where it's tested
AUD: Audit Planning & Materiality — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
Which procedure is required during audit planning?