Audit plan

An audit plan states the overall strategy and detailed steps to be followed in the conduct of an audit.  The plan includes risk assessment procedures, as well as additional procedures to be followed based on the outcome of the risk assessment. The contents and timing of the plan will vary from year to year, depending on changes in the circumstances of the client. By creating an audit plan at the start of an audit, an auditor is in a better position to anticipate problems that may arise during an audit, while also conducting the audit in an efficient manner.