Developing an Audit Strategy
What Is an Audit Strategy?
The overall audit strategy sets the scope, timing, direction, and resource allocation for the engagement. It provides the framework for developing a detailed audit plan.
- Identify engagement objectives.
- Determine significant audit areas.
- Allocate experienced staff where risk is greatest.
- Plan the timing of audit procedures.
- Coordinate specialists when necessary.
Summary
An effective audit strategy ensures resources are focused where audit risk is highest.