Chapter 7: Planning the Audit Strategy and Developing the Audit Plan

In this section

• Overall Strategy and Risk Responses
  Learn how to link risk assessments to your audit strategy, manage high-level vs. detailed responses, and incorporate materiality considerations in your overall audit plan.
• Group Audits: Component Auditors and Consolidations
  Explore the critical aspects of group audits, including component materiality, use of component auditors, and the consolidation process for multi-entity financial statements.
• Relying on Internal Audit, Specialists, and Others
  Learn how external auditors leverage internal auditors’ work, consult with specialists, and consider service organizations to optimize audit effectiveness and efficiency.
• Selecting Audit Procedures: Nature, Timing, and Extent
  Learn how auditors determine the type, timing, and scope of procedures in risk-based auditing to gather sufficient and appropriate audit evidence.
• Use of Data Analytics and Emerging Technologies in Audit Planning
  Explore the transformative power of data analytics, AI, and RPA in modern audit planning, focusing on risk identification, efficiency gains, and best practices for effective technology deployment.