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What is differ between audit strategy and plan

+1 Vote
What is differ between audit strategy and plan

What is audit strategy and audit plan

November 8th 2014 AN ACCA USER 130 Points

4 Replies

+3 Votes

The audit strategy sets the overall scope timing and direction of the audit and matters included in it are: knowledge gained from previous audits and during the preliminary risk assessment, the nature timing and extent of resources sach as using the appropriate people ... whereas the audit planning CONVERTS the overall audit strategy into a more detailed plan. It includes the nature timing and extent of audit procedures to be performed by the the audit team members in order to obtain sufficient appropriate audit evidence to reduce audit risks to an acceptably low level.

November 10th 2014 AN ACCA USER 8,950 Points 3 Flags
0 Votes

In generally, the audit strategy is done at first by audit team, whereby including the work assignment to auditirs. Follow by the audit plan which is contains more details of audit programmes.

November 10th 2014 AN ACCA USER 170 Points
0 Votes
Very concise and concrete answer
November 10th 2014 AN ACCA USER 490 Points
0 Votes
Well answered and detailed; covered all points of Audit strategyciting the overall scope,timing and direction.
planning indeed is the action of those set up lines of the strategy ,how you are going to execute your strategy in order to meet your objectives.
November 20th 2014 AN ACCA USER 140 Points
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