What are the different types of audit strategies?
An example of an AI chatbot conversation about audit strategy types.
What are the different types of audit strategies?
There are several types of audit strategies, including risk-based, compliance, and substantive strategies. Would you like to know more about each?
Yes, please explain the risk-based audit strategy.
A risk-based audit strategy focuses on identifying and assessing risks to determine the areas that require more attention during the audit process.
How does a compliance audit strategy differ from a risk-based one?
A compliance audit strategy ensures that an organization adheres to regulatory requirements, while a risk-based strategy prioritizes areas based on potential risks.
Can you give me an example of a substantive audit strategy?
Sure! A substantive audit strategy involves testing the details of transactions and balances to gather evidence about their accuracy.
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