audit strategy & plan

Per ISA 300:

“The auditor shall establish an overall audit strategy that sets the scope, timing
and direction of the AUDIT, and that guides the development of the audit plan.”

“The audit plan is MORE DETAILED than the overall audit strategy in that it includes
the nature, timing and extent of audit PROCEDURES to be performed by
engagement team members. Planning for these audit procedures takes place
over the course of the audit as the audit plan for the engagement develops. For
example, planning of the auditor’s risk assessment procedures occurs early in
the audit process. However, planning the nature, timing and extent of specific
further audit procedures depends on the outcome of those risk assessment
procedures. In addition, the auditor may begin the execution of further audit
procedures for some classes of transactions, account balances and disclosures
before planning all remaining further audit procedures”