Wilfred Dominic was meeting with his manager to plan audit strategy in order to determine the amount of time to spend testing the client's internal controls and conducting detailed testing
Of transactions and account balances. Determining the audit strategy occurs during which phase
Of the audit?
A) client acceptance stage
B) risk assessment phase
C) risk response phase
D) reporting stage

Question

Quizplus · Accepted Answer

Determining the audit strategy occurs during the risk assessment phase of the audit. This is the phase where the auditor obtains an understanding of the client's business and industry, identifies risks of material misstatement, and develops an overall response to those risks. Planning the audit strategy is a key part of this phase, as it helps the auditor to tailor the audit procedures to the specific risks identified.

Wilfred Dominic Was Meeting with His Manager to Plan Audit