Question

Devise an overall audit strategy for the financial year 2020/23 (Year end 30 June 2023) for the Mauritius Commercial bank

You can download financial statements for previous years and other interim reports from the companys website.

Other publicly published (newspaper extracts, interim reports, etc...) information may be used

Required

You are expected to

1. Write a short project report on the audit strategy of the company(maximum 10 pages). A sample content of an audit strategy is annexed
2. You need to include as annexure to the report a copy of the financial statements used for the assignment (Balance Sheet and Profit and Loss)

Contents of Audit Strategy

Contents of audit strategy may be different from one accounting firm to another. However, the audit strategy usually includes the following contents below:

Contents of Audit Strategy
Overview	This section summaries the engagement and responsibilities of auditors e.g. giving an opinion on financial statements and evaluating clients practices regarding value for money.
Significant risks	This section of audit strategy contents describes significant risks and how auditors will deal with them.
Audit scope and approach	It describes what audit standards and approach auditors use and whose works auditors will rely on e.g. the work of internal audit and expert, etc.
Materiality	Materiality in this part may include both overall materiality and performance materiality.
Audit engagement team	In this section, it usually describes senior team members including team leader and team manager.
Timetable and deliverables	This is where auditors describe the timetable of the audit with deliverable documents.
Independence	This is the part of the audit strategy contents that describes how auditors ensure their independence in the audit engagement.