Which aspect is NOT typically included in the audit strategy?

The correct answer highlights that prior year's income tax filings are typically not included in the audit strategy. An audit strategy is focused on outlining how the audit will be conducted, dealing primarily with the specific audit procedures to be performed, the timing of those procedures, and the reporting objectives related to the audit engagement.

In crafting an audit strategy, auditors assess the extent of auditing procedures that will be necessary to obtain sufficient evidence and provide assurance. They also consider the timing of audit activities, which is essential for efficient resource allocation and to ensure that the audit concludes in a timely manner. Additionally, the reporting objectives are integral as they define the outcomes and deliverables expected from the audit process, guiding how findings will be communicated to stakeholders.

In contrast, while prior year’s income tax filings may provide useful contextual information or insights into potential areas of risk, they do not directly influence the strategic approach taken in the current audit. Instead, they are generally considered during the risk assessment phase and may inform the auditor but are not a central component of the audit strategy itself.