An audit strategy is a plan that guides how auditors will approach the audit. Its main purpose is to determine the key areas that need more attention based on factors like risks, industry practices, and the company's past performance. By focusing on the most important areas, the audit strategy helps make the audit more efficient and effective. It ensures that auditors gather enough evidence to form a clear opinion on the company's financial statements and decide which procedures are necessary to meet their goals. An audit plan is a more detailed document that outlines the specific steps auditors will take to complete the audit. Its purpose is to give the audit team clear instructions on what tasks to perform and when to perform them. This includes looking at the company's financial statements, checking internal controls, and identifying potential risks. The audit plan ensures that the audit team follows a structured approach and covers all necessary areas, reducing the risk of missing important details. A time budget is a tool used to manage the time and resources needed to complete the audit. It sets deadlines for each stage of the audit and helps auditors stay on track to finish the audit within the set time frame. The purpose of the time budget is to avoid delays and make sure the audit is completed efficiently. It also helps auditors see if certain parts of the audit might take more time than expected, allowing them to adjust resources if needed