Audit Strategy

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1 Types

Definitions

Audit Plan (Audit Planning Memorandum; Audit Strategy)

Audit Plan Audit Planning Memorandum Audit Strategy Internal Control Risk Management Financial Statements Substantive Tests

A document outlining the strategy for managing inherent and control risks in relation to the financial statements of an audit client.

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Definitions

Audit Strategy

Audit Strategy Audit Plan Audit Process Internal Audit External Audit Risk Assessment Audit Objectives

An audit strategy outlines the general approach and key components of the audit, serving as a blueprint for the audit plan, which details the specific procedures and steps to be taken.