1 answer

Required information (The following information applies to the questions displayed below.] The Stages of an Audit...

Question:

Required information (The following information applies to the questions displayed below.] The Stages of an Audit Every audit

Required information (The following information applies to the questions displayed below.] The Stages of an Audit Every audit is unique, and specific procedures performed will vary based on the client, industry, and people involved; however, every audit that is performed in accordance with Generally Accepted Auditing Standards follows the same six steps. Although specific elements are required along each step of an audit and will be varying and modified specific to each engagement, every audit goes through the same six phases: 1) Planning the audit; 2) Obtaining an understanding of the client and its environment, including internal control; 3) Assessing the risks of misstatement and designing further audit procedures; 4) Performing further audit procedures; 5) Completing the auditing; and 6) Forming an opinion and issuing the audit report. ead the stages of an audit listed below and put them in the correct order. Obtain an understanding of the client and its Assess the risks of misstatement Form an opinion and issue the Complete the audit Perform further and design further audit Plan the Audit audit procedures environment, including internal control audit report procedures Reset

Answers

1. Plan the Audit

2. obtain an understanding of the client and its's environment, including internal control

3. assess the risk of material misstatements and design further audit procedures.

4. perform further audit procedures

5.

Complete the audit

6. Form an opinion and issue an audit report

.

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