Audit planAudit strategy

-Liaise with management in order to plan the timing of systems testing to be carried out, possibly when it is convenient for …. -Increase the number of team members assigned to ….-The audit team must include persons with a good level of …. knowledge in order to assist on the audit -Use an ….. specialists to assist in the …..-Increase the audit fee budget for involvement of firm’s specialists to assist in this year’s audit and additional audit procedures arising from …. -The use of CAATS may also need to be discussed with management, i.e. the auditors request to ….-Allocate more audit budget in hours to ….-Providing more supervision as a result of ….-Complete engagement quality control reviews for….-The extent of review of other auditor’s work in the case of group audits-Team briefing and debriefing meetings will be held on …..

Audit procedures-Nature

-Due to the increased risk of fraud on…, incorporate the element of unpredictability in the audit testing -Due to the increased risk of fraud on …, professional skepticism will need to be increased in testing-Review the general controls before testing the key controls if we plan to rely on them-If appropriate controls are identified, we will need to perform some tests of controls over transactions during the period …-It is necessary to perform some controls testing due to ….. -Additional substantive procedures will need to be performed to obtain evidence of completeness, occurrence, accuracy and valuation of ….-Extend substantive verification procedures for establishing assertions of ….. at year end. Depending on results of tests of controls and transactions for the period …-Extend substantive verification procedures for establishing existence, occurrence, completeness, cut-off, accuracy, valuation, rights, of …. at year end-Plan for more CAATs type work due to the fact that much of the information is in electronic format and transactions are generated electronically-As a result of the lack of audit trail we will need to test through the computer….-Perform detailed analytics of before/previous and after/current …. to give assurance on the credibility of the change over…

-Time-We will perform most of the audit work during the …. to confirm that …., this will be during the month of .... -However testing for the remainder of the year will also need to be performed to ensure that …… for the remainder of the year

-ExtentMateriality

-As a result of the high/low risk with regards to …, materiality over accounts payable will be lower/higher.

Sample size-This higher\lower risk will thereby increase/decrease sample sizes for testing

CAATs

-CAATs can be used to increase sample sizes in order to increase the scope of testing.