ISA $300$: Planning an audit of financial statements requires auditors to establish theoverall strategy for an audit. An auditor is required to plan the audit by developing an auditstrategy to guide the plan itself. Audit planning is necessary for a number of reasons ofwhich the foremost is to achieve audit efficiency and effectiveness. Audit planninginvolves risk assessment procedures, further audit procedures and other audit procedures toobtain sufficient appropriate audit evidence. During the audit, if an auditor concludes thatthe initial plan requires alteration, then the auditor shall consider revising the audit strategy.

Required:

Explain with justification FOUR $(4)$ key items which should be included in an audit strategydocument.