Was making note of this to record when I got home, thought I'd post it here incase anyone else found it beneficial.
From a Ninja SIM so don't read further if you don't want a spoiler.
Audit Strategy – determines characteristics of the engagement that defines scope, allows the auditor to determine key dates and reporting objectives, and considers factors such as materiality and preliminary identification of areas that may be a higher risk of material misstatement. (Also helps the auditor assign resources.)
Audit strategy includes (not an all inclusive list):
Determining the basis of reporting for the financial statements
Determine materiality levels
Determine dates for fieldwork
Assign audit team personnel
Document the industry-specific reporting requirements
Budget audit team hours to high-risk areas
Audit Plan – more detailed than the strategy and includes the nature, timing and extent of audit procedures to be performed by team members in order to obtain sufficient appropriate audit evidence to reduce the audit risk to an acceptably low level.
Audit plan includes (not an all inclusive list):
Document that the audit team will send accounts receivable confirmations
Describe which controls will be tested
Describe the methods to obtain an understanding of the entity and its environment sufficient to assess the risk of material misstatement
Record which audit team members will perform which specific procedures
Not an overly complicated topic but definitely one that I could see myself drawing blanks on during the exam, hopefully it'll help someone. I think I may have even saw a thread about this a while back.
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