Audit stratergy, Audit plan, Audit Procedures

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.

Know the 5 fundamental principles. Understand the framework:

Principles: threats: guarding against the threats

Then just listen/watch the OT lectures and think about the issues raised.

HTH