Question

1)meaning and difference between plan and strategy in audit?

Answer 1

Audit strategy relates to overall approach you will take To the audit It decides The scope of audit It includes understanding the entity The risk you face in course of audit Legal requirements, financial reporting standards used etc

Audit plan detailed procedure you use in your audit Depanding on what the strategy is

Example is the entity is newly formed entity internal controls may not be such efficient for you may not rely on controls and do substantive procedure This audit strategy

Audit plan is then deciding the substantive procedures you are hoing to apply in course of audit Like number of sanples you are going to check etc