how do you describe the Audit process?
how do you describe the Audit process?
Homework Answers
Audit process
- Appointment of auditor.
- Understand the business of client. Ex nature of business, accounting process etc
- Audit plans and program are prepared to enable auditor to audit in a structured manner.
- Decide nature, timing and extent to level the audit to be done.
- Auditor to carry out compliance procedures of internal control system to decide how much of substantive procedures is required.
- Conduct audit and collect various evidences and working paper.
- Conclude and frame an opinion about the financial statements.
- Prepare audit report and communicate it to the persons who have appointed him.
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