What is Overall audit strategy?
The general approach that sets the scope, timing and direction of the audit. ISA 300 requires the auditor to establish an overall audit strategy, which guides the development of the detailed audit plan. The difference: the strategy answers the question "what will we focus on, when and with how much effort", while the audit plan describes the nature, timing and extent of each procedure in detail. The strategy is not written once and put away: if new information emerges during the audit, both the strategy and the plan are updated, and significant changes and the reasons for them are documented.
Source: 300-son XAS (ISA 300), 7, 9, 10, 12-bandlar; ISA (NZ) 300, XRB