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Hello,
1. Could you explain to me in very simple terms the difference between audit strategy and audit plan? Also what kind of information will each cover? I have tried reading the standard itself and some materials online but they make it sound too complicated.
2. When a question asks to list the matters that should be documented during ‘audit planning’ is it referring to both audit strategy and audit plan or just audit plan?
Thank you in advance.
Strategy is high level: eg a substantive approach or relying primcipally n controls? Will internal audit do part of the work? What about subsidiaries abroad?
Planning is more detailed: When? How many people on the audit team of what experience? When is the stock take?
When asked about planning matters that should be documented during audit planning, you can refer to any of this. It all comes under ‘planning’.
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