Audit Strategy Document

An audit strategy document is created in order to lay down the plan of how to execute the process of auditing the financial statements of an organization. Auditing can be internal or can be done by an external company. In both situations, there must be a strategy that the auditors will follow in order to conduct a systematic, fair, accurate and organized form of auditing within a fixed time period. Auditing work is very detail-oriented and a slightest mistake in figures can lead to a huge miscalculation. Hence a sound audit strategy document is required to avoid any loopholes, assess risks and to make sure all the right resources are employed to finish the audit within the deadline.

Sample Audit Strategy Document:

Name of company: Blue Hills Corp

Address: 4565 Justin Road, Maine

Document prepared by: Sheila Delany

Senior team member, Blue Hills Corp

Document prepared on: April 10, 2012

Document submitted on: April 14, 2012

Document name: Strategy for internal audit of organization

Purpose: The purpose of this document is to present a strategy on how to conduct a fair and accurate audit procedure, keeping in consideration the audit risks and verifying all balance sheet accounts

Other details:

  • Assessment of audit risk related to individual financial statement assertions
  • Reviewing material disclosure issues in the documents
  • Assessing audit risks and review the design and implementation of the financial control system
  • Conduct a review of income and expenditure records
  • Analyze the critical areas and concentrate on auditing these areas carefully.

Document approved and signed by: John Dawson

Manager, Blue Hills Corp

Posted in Strategy Documents