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Dear Tutor
Please assist to explain the concept of audit strategy and differentiate it from audit plan
They can be quite difficult to differentiate. The audit strategy is at a higher level, for example will the audit primarily rely on tests of control or on substantive tests? What are the main risks? Will there be an interim audit and a final audit? What is the initial level of materiality?
The plan is more detailed: exactly who will do the audit, how long should it take, when will they visit the client, what sample sizes should be used? How will the risks be responded to?
Hi mike,
In the current notes, there is nothing mentioned regarding the audit strategy – please advice?
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