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The audit plan is a more detailed, tactical plan that addresses the various audit matters identified in the audit strategy. The auditor must develop and document an audit plan for every audit.

The audit plan should include a description of:

 The nature, timing, and extent of planned risk assessment procedures (AU-C 315)

 The nature, timing, and extent of planned further audit procedures at the relevant assertion level for each material class of transactions, account balance, and disclosure (AU-C 330)

 Other audit procedures to be carried out to comply with GAAS

(AU-C 300.09)

Developing an audit strategy and an audit plan is intended to be an iterative process. As information becomes available over the course of the audit, the auditor should reconsider the audit strategy and audit plan to determine whether they remain relevant. (AU-C 300.10) All changes to audit strategy and plan should be documented.

Establishing an audit strategy varies according to the size of the entity and the complexity of the audit. In audits of small entities, a very small audit team may conduct the entire audit. With a smaller team, coordination and communication between team members are easier. Consequently, establishing the overall audit strategy need not be a complex or time-consuming exercise.

As part of audit planning, the auditor plans the direction and supervision of engagement team members and plans for the review of their work. (AU-C 300.11)

NOTE: It is critical that the auditors do not simply use the prior-year audit plan. The auditors must perform inquiry and other procedures to determine what has changed and how those changes affect the audit plan. So, too, auditors should look with a skeptical eye at procedures performed in the past and determine whether they are necessary or could be eliminated or replaced with more effective procedures.