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Audit plan, Audit procedure and Audit Strategy
Can u explain and differentiate the above three terms in simple words?The audit strategy is a high level plan. For example, do we rely on internal controls or will it be a fully substantive-based audit? Where are the main risk areas? Timing, materiality.
The audit plan is more detailed. Who will go on the audit? How long will it take, dates, liaison with internal audit. When to arrange a receivables circularisation.
Audit procedures are the most detailed: inspect 10 invoices for evidence of authorisation; trace purchase invoices to the nominal ledger.
Thanks Gormit..
can u suggest some easy way to cover the ethics chapter, as I havn’t done much with that.
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