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Audit Strategy is designed to provide with an audit that compiles with all professional requirements.
Audit work is focused on those aspects of the business which considered to have a higher risk of material misstatement such as those impacted by judgement and estimation, changes of accounting policy and changes to operations or areas which have been found to contain material errors in the past.
Dear Sir,
Audit strategy depends upon many factors, in which up on top is Risk portfolio of client. In general if a client is more risky that mean we have to lower the materiality level hence will do more substantive testing. for example a new client carry more risk as compared to existing one hence more detailed audit procedures would be applied to him.
