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Please, can you explain to me the differences between AUDIT STRATEGY, AUDIT PROCEDURE, AUDIT PLANNING AND ALSO AUDIT DOCUMENTATION. The more I try to read and find the difference, the more confused I become. Please help.
Thanks.
Audit strategy = high level plan: understand the entity, assess risk areas, assess materiality, consider the timing, coordinate with third parties, plan supervision and review.
Audit plan = lower level plan including detailed instructions to the audit team. Precise date of visits, who will be on team, sample sizes etc.
Audit procedure = any audit test. Eg observation of inventory count, inspection of invoices to see that they are authorised, reperforming bank reconciliations etc.
Audit documentation = where you record the client’s accounting system, details of the audit procedures that are to be carried out and record the results of those tests and whether those results were satisfactory or not.
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honor able tutor
kindly explain the difference between
Audit Plan
Auit Procedure
Audit terminology
or they all same
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