[Porma Fierles]

Hi

I was doing a practice SIM on audit plan vs audit strategy. Not sure how to really tell the difference though. Advice is appreciated.

[GitRDone2017]

I just did that SIM as well and wasn't sure how they figured it, anyone? Please????

"Confidence is going after Moby Dick in a rowboat and taking tartar sauce with you" - Zig Ziglar
Ninja book + Ninja MCQ + Roger
AUD Oct 2016
FAR Nov 2016
BEC ?
REG?

[GitRDone2017]

Here is the explanation from Ninja:”The audit strategy determines the characteristics of the engagement that defines its scope, allows the auditor to determine key dates and reporting objectives, and considers factors such as materiality and preliminary identification of areas where there may be a higher risk of material misstatement. The audit strategy helps the auditor assign resources.

The audit plan, however, is more detailed than the audit strategy and includes the nature, timing, and extent of audit procedures to be performed by audit team members in order to obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level.””

What I am picking up from this is that the audit strategy is where the resources are utilize and the audit plan is the overall way that the audit is carried out? idk, this so far has been the hardest SIM for me to understand.

"Confidence is going after Moby Dick in a rowboat and taking tartar sauce with you" - Zig Ziglar
Ninja book + Ninja MCQ + Roger
AUD Oct 2016
FAR Nov 2016
BEC ?
REG?

[Author]

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