Hi sir, can u pls explain meaning of audit strategy, plan and programme with a simple practical example
Chapter Name is Audit Strategy, Audit Planning and Audit Programme
Audit Strategy: – Broad , overall plan generally in few pages on how to perform audit.
1. Careful examination of GST compliance and it accounting in FY 17-18
2. Company has sophisticated system and softwares for accounting, So we should use more of CAAT (Computer Aided Audit Techniques)
Audit Programme: – Detailed step by step instructions and procedures to do audit prepared keeping in mind points of audit strategy.
Continuing From Above 2 Examples of Audit Strategy, Examples of AUdit Programme
1. 2CAs + 3 Articles allocated to check GST System and its implementation on 1st July 2018, In each area of income and expense GST based questionnaire were included.
2. Areas where CAAT is suitable were identified. New CAAT software was purchased. Technicians were hired and majority audit was done using CAAT
Audit Planning: – Means the process of collecting info obtaining understanding and updating it during the course of audit / Update Audit Strategy and then Update Audit Programme accordingly on continuous basis, So planning is process and audit strategy and programme are part of it.