Audit strategy and plan
The overall audit strategy establishes the scope, timing and direction of the engagement; the audit plan details the risk-assessment and further procedures to be performed. Both are updated as circumstances or findings change.
Worked example
A strategy calls for specialist valuation support, while the plan lists the estimate-specific procedures to be performed.
Common mistake
Do not describe the strategy and detailed plan as identical documents with identical purposes.
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 |