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Planning, materiality and assessing the risk of material misstatement

Audit strategy and plan

1.1 Audit strategy

Reporting
objectives,

timing &
communication

Significant
Characteristics factors,
of the  Timetable for preliminary
engagement reporting engagement

 Communication activities
with client, team
& 3 parties
rd
 FR framework  Materiality

 Industry reporting  Risk assessment
Audit

 Knowledge of strategy  Internal controls
business
 Need for
 Internal audit scepticism

 Service Nature, timing  Changes in laws
organisation and extent of & regulations

 Use of CAATs resources  Significant
developments
 Availability of
client staff
 Selection of audit

team
 Budget

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