Audit plan
An audit plan sets out the nature, timing and extent of planned risk-assessment and further audit procedures and other relevant work. It is more detailed than the overall audit strategy and is updated as circumstances or evidence change.
Worked example
After identifying a new risk of inventory obsolescence, the auditor revises the planned valuation testing.
Common mistake
Do not treat the original plan as fixed when new risks or contradictory evidence arise.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | AA | Direct | September 2026–June 2027 |
| ACCA | AAA (INT) | Direct | September 2026–June 2027 |