[rp 12]

Am still confused regarding these 2 concepts. Can anyone please help me explain? Thanks for your time and help!

"Success in life comes when you simply refuse to give up, with goals so strong that obstacles, failure, and loss act only as motivation"

AUD: 68, 62, 77✔ (expires 10/31/16)
FAR: 53, 48, XX (retake 6/16)
REG:
BEC: 53

[fairylite]

The audit STRATEGY is a general strategy developed to plan the audit (number of audit team members, timing of work, supervision required etc.). The audit PLAN is a required written plan detailing the information.

The way I see is that is the “strategy” helps develops the plan, which is then put into writing with the “plan”.

BEC 11/12/2015
REG 1/1/2016
AUD 1/22/2016
FAR 2/28/2016

[Anonymous]

Here's some of my notes regarding Audit Strategy vs Audit Plan (mostly taken from AICPA website):

Audit Strategy: (general) (what you will do) (strategy comes before plan)

1) Identify CHARACTERISTICS of the engagement that defines its scope.

2) Ascertain reporting objectives of the engagement to plan timing of audit and nature of communications required.

3) consider factors that are significant in directing engagement teams effort (such as materiality levels, recent events affecting client).

4) Consider results of prelim engagement activities.

5) ascertain nature, timing, extent of RESOURCES necessary to perform engagement.

Audit Plan: (Detailed) (how you will do it)

1) nature and extent of PLANNED risk assessment procedures.

2) nature, timing, extent of planned further audit procedures at relevant assertion level.

3) other planned audit procedures that are required to be carried out so engagement complies w/ GAAS.

Basically, anything that is already planned and being more detailed, most likely is part of the audit plan.

[SullivanNJD]

and an Audit Plan is required in writingg as part of documentation for an audit

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[seaoh]

who reads the audit strategy and the audit plan? are both of these intended for the audit committee or the client management also??

AUD - 81 (8/15)
BEC - 83 (10/15)
FAR - 84 (1/16)
REG - 79 (5/16)

[ruggercpa2b]

They belong to the auditor. This is the auditors documentation as well as your audit program documenting your scope and objectives.

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[Author]

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