audit plan

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A document outlining the strategy to be applied to each manageable area of the accounting system and financial statements of an audit client. The plan would take into account the assessed levels of inherent risk (i.e. the susceptibility of account balances or classes of transactions to material misstatement) and control risk (the risk that material misstatements are not prevented or detected by the internal control system); it would also outline the nature, timing, and extent of the substantive tests to be employed.

Subjects: Accounting.

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