Audit Strategy (2)

Question 1

Reporting objectives, timing of the audit and nature of communications (reporting)

Answer 1

Entity’s timetable for reporting

Question 2

Reporting objectives, timing of the audit and nature of communications (organisation)

Answer 2

Organisation of meetings with management and those charged with governance

Question 3

Reporting objectives, timing of the audit and nature of communications (discussion)

Answer 3

Discussions with management and those charged with governance

Question 4

Reporting objectives, timing of the audit and nature of communications (communications)

Answer 4

Expected communications with third parties

Question 5

Nature, timing and extent of resources (engagement)

Answer 5

Selection of engagement team

Question 6

Nature, timing and extent of resources (members)

Answer 6

Assignment of work to team members

Question 7

Nature, timing and extent of resources (budgeting)

Answer 7

Engagement budgeting

Question 8

Examples of items to include in overall audit strategy (industry)

Answer 8

Industry-specific financial reporting requirements

Question 9

Examples of items to include in overall audit strategy (locations)

Answer 9

Number of locations to be visited

Question 10

Examples of items to include in overall audit strategy (timetable)

Answer 10

Audit client’s timetable for reporting to its shareholders/members

Question 11

Examples of items to include in overall audit strategy (communication)

Answer 11

Communication between the audit team and the client