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2 . ISA 3 0 0 : Planning an audit of financial statements requires auditors to establish the overall strategy for an audit. An auditor
ISA : Planning an audit of financial statements requires auditors to establish the overall strategy for an audit. An auditor is required to plan the audit by developing an audit strategy to guide the plan itself. Audit planning is necessary for a number of reasons of which the foremost is to achieve audit efficiency and effectiveness. Audit planning involves risk assessment procedures, further audit procedures and other audit procedures to obtain sufficient appropriate audit evidence. During the audit, if an auditor concludes that the initial plan requires alteration, then the auditor shall consider revising the audit strategy.
Required:
Explain with justification FOUR key items which should be included in an audit strategy document.
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