The auditor shall document the overall audit strategy, the audit plan and any significant changes made during the audit engagement to the overall audit strategy or the audit plan, and the reasons for such changes.Select one:TrueFalse

Identify and describe the contents of the overall audit strategy and audit plan.

As the audit client grows throughout the years, the auditor may update and revise the audit strategy and audit plan used in the prior years of the engagement.Group of answer choicesTrueFalse

Which of the following is required documentation in an audit in accordance with generally accepted auditing standards?Select one:a.An audit program setting forth in detail the procedures necessary to accomplish the engagement's objectives.b.A planning memorandum establishing the timing of the audit procedures and coordinating the assistance of entity personnel.c.An internal control questionnaire identifying policies and procedures that assure specific objectives will be achieved.d.A flowchart or narrative of the information system describing the recording and classification of transactions for financial reporting.

In planning an audit, the auditor first established the audit plan then develop the audit strategy for the engagement.Group of answer choicesTrueFalse

When preparing the audit plan, the auditor must ensure that they acquired significant understanding of the entity, its environment, and its internal controls.Group of answer choicesTrueFalse