sang

What is the differnt between audit strategy and audit plan?

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cheryl.garcia

just want to share a few notes:

Audit strategy sets for the direction for the audit, describes the expected scope and conduct of the audit, provides guidance for the development of audit plan.

Audit plan - more detailed than strategy, includes set of instructions to the audit team that sets out audit procedures (risk assessment and further procedures) the auditors intent to adopt. Also includes references to othe matters such as audit objectives, timing, scripts, sizes and basis of selection area.

Crystal clear

jay_sunway

Well if I am not mistaken audit strategy concerns the approach taken by the auditor when performing the audit. This might be a risk based approach,system based approach or direct verification based.

The audit plan is usually the larger aspect of the audit.


When looking at any plan, it might be good to consider that a planning framework can be used -
SOSTAC

Situational analysis
Objectives
Strategy
Tactics
Actions
Controls

If you use the above, it would seem that the audit strategy is a subset of the audit plan.

In terms of ISA, audit strategy is the outcome in ISA 330 - Response to risk assessment

Whereas ISA 300 covers the audit planning.

In coming up with the numbering system IAASB has already highlighted that plans comes before strategy

Hope that covers your question

v4c4s

thks ppl thats was off great help

the shortcut is of great help

for remembering the topic

jassie

Originally Posted by jay_sunway

Well if I am not mistaken audit strategy concerns the approach taken by the auditor when performing the audit. This might be a risk based approach,system based approach or direct verification based. The audit plan is usually the larger aspect of the audit. When looking at any plan, it might be good to consider that a planning framework can be used - SOSTAC Situational analysis Objectives Strategy Tactics Actions Controls If you use the above, it would seem that the audit strategy is a subset of the audit plan. In terms of ISA, audit strategy is the outcome in ISA 330 - Response to risk assessment Whereas ISA 300 covers the audit planning. In coming up with the numbering system IAASB has already highlighted that plans comes before strategy Hope that covers your question

wah that is a very clear explanation ,thank you

amyzhangjie

Audit plan will come out?

tanyewmeng

HELP!!! I need F8 exam tips from BPP

Erika

Originally Posted by jay_sunway

Well if I am not mistaken audit strategy concerns the approach taken by the auditor when performing the audit. This might be a risk based approach,system based approach or direct verification based. The audit plan is usually the larger aspect of the audit. When looking at any plan, it might be good to consider that a planning framework can be used - SOSTAC Situational analysis Objectives Strategy Tactics Actions Controls If you use the above, it would seem that the audit strategy is a subset of the audit plan. In terms of ISA, audit strategy is the outcome in ISA 330 - Response to risk assessment Whereas ISA 300 covers the audit planning. In coming up with the numbering system IAASB has already highlighted that plans comes before strategy Hope that covers your question

a very helpful memory aid, thanks a lot

Hasi

great answer

vikccy

thanks for the answer...