Audit Strategies Audit Strategies 1. Identified GAAS 2. Basic assumptions 3. Consistent premises 4. Logical principles 5. Requirements Possible Risks Proposed Internal Control/ Description Identify the audit strategies and related financial statement risks (Existence or Occurrence, Completeness, Valuation, Rights and Obligations, Presentation and Disclosure, Accuracy, Classification, Cutoff) that are applicable. Identify the control objective and description of procedures in place that Is relevant to mitigate the identified risk of material misstatement and achieve the objective. Include a detailed description of the control procedures noting the following: 1) Who performs the control procedures? 2) How is/are the procedure(s) performed? 3) How is the performance of the control activity documented (l.e., what forms are used)? 4) How is performance of the control activity evidenced (l.e., signature and date on form)?