Audit strategy

Yes – the audit plan is the audit strategy document which sets out the audit approach (as summarised at the beginning of Chapter 8). It will include the assessment of performance materiality and risk assessment and the auditor’s response to assessed risk “at a high level” – i.e. in “broad terms” of the nature, timing and extent of audit procedures. But it will not go so far as to detail audit procedures – the detail (sample sizes, where drawn from, verified against what, etc) will be included in the audit programmes.