In short
The overall audit strategy sets the scope, timing and direction of the audit and guides the development of the more detailed audit plan.
Key takeaways
- It covers the engagement's characteristics, reporting deadlines, significant factors and the resources needed.
- The audit plan then sets out the nature, timing and extent of specific procedures.
- Both are updated as the audit progresses.
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?