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Hello Miss,I would like to know the correct sequence for the develop an audit strategy and audit plan; determine the materiality level.
Is it perform analytical review & risk assessment, and determine the materiality level and then audit strategy and plan?
Thank you.
Really they all go hand-in-hand and none are “cast in stone” – as new information because available, risk/materiality should be reassessed (which may affect strategy and/or plan).
Analytical procedures at the planning stage are a risk assessment procedure (see page 54 of the notes).
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