An audit firm SPR &Co. is preparing the detailed audit plan for a new client, Rajeshwari Ltd. The overall audit strategy has already been…

SA 300 on "Planning an Audit of Financial Statements", states that auditor shall develop an audit plan that shall include description of- (i) The nature, timing and extent of planned risk assessment procedures (ii) The nature, timing and extent of planned further audit procedures at assertion level (iii) Other planned audit procedures that are required to be carried out so that the engagement complies with SAs. The auditor plans what type of audit procedures are to be performed, their timing and how much work should be done taking into account sample size etc. The audit plan is more detailed than the overall audit strategy that includes the nature, timing and extent of audit procedures to be performed by engagement team members. Planning for these audit procedures takes place over the course of the audit as the audit plan for the engagement develops. For example, planning of the auditor's risk assessment procedures occurs early in the audit process. However, planning the nature, timing and extent of specific further audit procedures depends on the outcome of those risk assessment procedures. In addition, the auditor may begin the execution of further audit procedures for some classes of transactions, account balances and disclosures before planning all remaining further audit procedures.