What are the different stages of an audit process?

The audit process consists of several stages that are essential for ensuring the accuracy and reliability of financial statements. The first stage is planning, in which the auditor assesses the client's business, internal controls, and potential risks. This enables them to develop an audit strategy and set objectives for the engagement. The next stage is the fieldwork, where the auditor performs various procedures to obtain sufficient and appropriate evidence. This may include testing transactions, performing analytical procedures, and confirming balances with third parties. After the fieldwork, the auditor enters the reporting stage, where they analyze the evidence gathered and form an opinion on the financial statements. Finally, the audit concludes with the issuance of the audit report, which communicates the findings and opinion to the stakeholders.

This mind map was published on 25 August 2023 and has been viewed 77 times.