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Major phases of an audit

an overview of the audit process
STUDY
PLAY
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