once the risk have been assessed, auditors develop an overall audit strategy and a detailed audit plan to address the risk of material misstatement in the includes designing a testing approach to various financial statement items,deciding whether and how much to the rely on the company's internal controls, developing a detailed timetable, and allocating tasks to the audit team members. the audit strategy and plan is continually reassessed throughout the audit and adjusted to respond to new information obtained about the business and its environment