CAF-8 · Chapter 3 · Question 6 of 10
Which of the following is a primary difference between the Overall Audit Strategy and the Audit Plan?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) The strategy sets the scope, timing, and direction, while the plan details the specific nature, timing, and extent of risk assessment and further audit procedures.
Explanation
The audit strategy is the high-level framework setting the direction and resources, whereas the audit plan contains the detailed step-by-step procedures to be executed.
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