Question

In no more than 3 sentences, discuss how we INTEGRATE the various phases of the audit and the TIMING of each phase. 1) Which phases can be done (in full or in part) BEFORE the beginning of the year under audit? 2) Which phases can or likely need to be changed after the planning phase - explain at least one reason why? 3) Which phases can or likely will be done (in full or in part) AFTER the fiscal year has completed?

Answer 1

1) Before the beginning of the year ,Selection and planning phase can be done in full as those are first steps and execution phase can be done in part as we can integrate part of audit procedure which can self verify with accounting techniques and data analytics softwares.

2) After planning phase based on requirement of the stake holders and worthiness of the auditing areas, the selction and execution phases can be modified in accordance with the reliability and necessity of which areas are required to be investigated and results that will carry whuch are forecasted in the audit plan.

3) All the First three phases - Selection, Planning, Execution must be completed in full after the fiscal year.Reporting and Follow up phases can be completed in part based on the deadlines agreed with the supplier parties.