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an overview of the audit process

client acceptance/continuance

First phases of the audit

preliminary engagement activities

1:Determining the audit engagement team requirements
2:Ensuring independence of the audit team/firm
3:Establishing an understanding with the client regarding the services to be performed and other terms of the engagement.

plan the audit

preliminary assessment of client's business risk and determine materiality

consider and audit internal controls

used to find where misstatement may occur, and how they effect the financial statements

audit business processes and related accounts

sales revenue, account replaceable, cash collection, account payable, purchasing process

complete the audit

after the auditor has finished gathering evidence relating to financial statements assertions, the sufficiency of the evidence gathered is evaluated

evaluate results and issue audit report

the final phase in the audit process to evaluate the results

understanding the audit entity and its environment

nature of the entity, industry, regulation, and external factors, objectives and strategies, entity performance measures, internal controls

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