 In this presentation we will discuss the planning stage of the audit. In prior presentations we broke down the audit process into a series of stages, those stages including client acceptance and continuance, preliminary engagement activities, plan the audit, consider and audit internal controls, audit business processes and related accounts, complete the audit and then evaluate results and issue the audit report. Here we of course are on planning of the audit. We'll start off with audit strategy. The overall audit strategy will help the auditor to determine what resources are needed to complete the engagement. As we think of each audit, remember that each audit is going to be substantially different so we want to have know what the audit strategy will be. We want to make sure within the planning phase we do a good job because that's going to set the groundwork to make sure that the resources that we need are there and that we apply them efficiently and go through the process of the audit as quickly and efficiently as possible.