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Thread: Audit plan

  1. #1
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    Default Audit plan

    What is the differnt between audit strategy and audit plan?

  2. #2
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    Cool Audit strategy vs. audit plan

    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

  3. #3
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    Default Audit strategy and audit plan

    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

  4. #4
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    thks ppl thats was off great help

    the shortcut is of great help

    for remembering the topic
    Last edited by acca; 11-25-2008 at 09:45 AM.

  5. #5
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    Default

    Quote Originally Posted by jay_sunway View Post
    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

  6. #6
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    Default Audit plan will come out?

    Audit plan will come out?

  7. #7
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    Default help

    HELP!!! I need F8 exam tips from BPP

  8. #8
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    Default

    Quote Originally Posted by jay_sunway View Post
    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

  9. #9
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    Default

    great answer

  10. #10
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    Default

    thanks for the answer...

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