What are the different stages of audit?
Audit appointment
- Engagement letter
- Initial planning
- Knowledge of the business
- Risk Assessment
- Internal control review (procedures)
- Control procedures (authorities/approvals/segregation of duties)
- Preparation of the audit plan
- Accounting system review
- Analytical review techniques (Compliance procedures-Application of control test procedures) like purchasing are according to the controls established.
- Considering the ways in which audit evidence can be sought
- Substantive testing (transaction level procedures)
- Reasonable assurance
- Review of the financial statements (compliance with the standards/material misstatement etc.)
- Preparation and signing of report
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