Sir mcq no 198 a) and 209 c) are they contradicting? as both options explain differently the audit plan and audit strategy?

Questions › Category: SA-300 › Sir mcq no 198 a) and 209 c) are they contradicting? as both options explain differently the audit plan and audit strategy?

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Hitesh Chandnani asked 5 years ago

Question Tags: IPCC MCQ_DOUBTS 198 & 209

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Ravi Staff answered 5 years ago

Overall Audit Strategy is broad guidelines to do audit
Audit Plan is detailed step by step instructions
Overall Audit Plan (Traditional Terminology) = Overall Audit Strategy or Audit Strategy (SA Terminology)
Audit Plan (Traditional Terminology) = Audit Programme (SA Terminology)
Answer of 198 is “a) The audit plan is more detailed than the
overall audit strategy”
Answer of 209 — Select Incorrect One — b) The audit plan is prepared before the audit
strategy.