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In study texts it starts with just Planning , then they talk about Audit Strategy and then at last Audit Plan.
i’m totally confused. please make me understand these terms.audit strategy is the overview of audit.
so firm will see if they have competent staff, make sure threats are safeguarded, KOB, understanding client, deadlines, budgets etcthen they’ll do a more detail plan which is called audit plan. includes description of nature, timing and extent of risk procedures sufficient to assess risks of material misstatements, audit procedures, allocation of work to team members etc
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