Planning and conducting an audit of historical financial information

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Audit strategy- meaning

Audit strategy is the overall plan of the audit which sets the direction, scope, and timing of the whole audit process. Audit strategy is set at the beginning of the audit and is a vital part of the audit planning process.

Audit strategy contains such things as audit materiality, type, and format of audit reports, laws and regulations … Read the rest

What is risk of material misstatement?

6 advantages of computer based audit working papers

Audit documentation is the written record of the basis for the auditor’s conclusions that provides the support for the auditor’s representations, whether those representations are contained in the auditor’s report or otherwise.

The following are benefits of computer based audit working papers:

  • Preparation of working papers using computer becomes speedy and less costly;
  • It is
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5 Key factors that should be considered when establishing the overall audit strategy.

Audit strategy generally means the combination of audit approach to be used, resources management and allocation, timing of the audit and the way how the audit engagement is managed. For example, the auditor will use risks based audit approach or top-down approach to conduct audit assignment.

In establishing the overall audit strategy, the auditor shall consider the following key factors:

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