Differentiate between Audit Plan and Audit Programme.

Audit Plan Audit Programme Audit Plan lays down the audit strategies to be followed for conducting an audit such as identifying the areas where special audit consideration and skills may be necessary, obtain the knowledge of business etc. Audit Programme is an outline of how the audit is to be done, who is to do what work and within what time Plans should be made to cover the following among other things: It lays down the following audit procedure to be followed: (i) Acquiring knowledge of accounting systems, policies and internal control procedures (i) Evaluation process (ii) Establishing the expected degree of reliance to be paced on the internal control (ii) Ascertaining accuracy (iii) Determining the nature, timing and extent of the audit procedures to be performed (iii) Verification of Document (iv) Co-ordinating the work to be done. (iv) Scrutiny of supporting Documents (v) Checking of overall disclosure and presentation of all items in the audit completion. (vi) Preparation and submission of audit report.