Theoretical and Practical Connotations Related to the General Audit Strategy
Author:
Univ. Prof. Tatiana DĂNESCU, Ph. D.
JEL:
M42
DOI:
Keywords:
audit mission, audit planning, the general audit strategy, planning activities, risk evaluation
Abstract:
The accomplishment of an efficient and effective audit mission requires the identification of the main pillars of the audit activities; among these ones, the documents of the planning underlain by the General Audit Strategy represent a guiding light of the audit mission. In a context in which the professional reasoning and anticipation are basic principles when establishing an audit strategy, the financial auditors’ expectations gain new connotations; these connotations regard the knowledge of what could be prosecuted so that the audit strategy would guide adequately the financial auditor in due season in order to accomplish the established goals within the audit mission. The investigations on this line represented the premises of this research. The diversity of the circumstances in which audit missions are performed, considered to be specific to each audited entity, the impact of varied factors, both exogenous, and endogenous, on the decisions made when establishing the audit procedures applicable in a given context, leaded to the necessity to centre into the research the identification of the place and role of the General Audit Strategy within an audit mission. Moreover, starting from the present regulations related to planning an audit mission, it becomes essential to form a model of General Audit Strategy as a rough guide for the development of regulations and practices. \r\n