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The Audit Process - Coggle Diagram
The Audit Process
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Planning
Audit Plan
- What are the risks of misstatements in the AFS?
- What do you need to do to reduce those risks to an acceptable level?
Audit Strategy
- What resources do you need to do the audit?
- What information do you need before you can decide what resources you need?
Evidence
Test of Controls
- Can you use the clients' controls as proof that their system will prevent or detect and correct errors? (Thus there woun't BE misstatements in the AFS)
Substantive Procedures
- What procedures will you perform to get the proof you need that the AFS aren't (or are) misstatement?
Evaluation
- What does your combined evidence tell you about the fair presentation of the AFS?
- Do you have enough evidence to form a conclusion
Conclusion
- Your opinion must reflect the findings of the evidence you've obtained
- Prepare an audit report stating your findings