ACCA Audit and Assurance (F8) Practice Exam

Which factor is NOT considered in developing an Audit Strategy?

1. Characteristics of engagement

2. Internal auditor qualifications

3. Resource requirements and timing

4. Results of previous audits

The correct answer is: Internal auditor qualifications

In developing an Audit Strategy, factors such as the characteristics of the engagement, resource requirements and timing, and the results of previous audits are crucial components. These elements help auditors understand the specific nature of the audit being conducted, plan the necessary resources, schedule activities effectively, and use past findings to inform the current audit approach. However, the qualifications of internal auditors are typically not a primary consideration when formulating the Audit Strategy. While having qualified personnel is essential for carrying out the audit effectively, the strategy is more focused on the context and logistics of the audit process itself rather than the specific qualifications of the internal audit team. Therefore, the emphasis is placed on the broader elements that guide the audit approach rather than on individual qualifications.