Audit Process
| ACTIVITY | PURPOSE | DOCUMENTATION |
| 1. Pre-angagement activities | -Access Ethical and resource requirments. Determines the terms of the engagement | -Budget vs Actual hours -Code of Ethics -Competency matrix -Team Agreement -Audit Angagement Letter |
| 2. Strategic Planning | -Understand the entity; identify and access risks. Develop an overall audit approach | -Planning materiality -Prior year's audit matters -Laed schedule -Preliminary analytical review -Review of Internal audit -Audit communication checklist -Fraud checklist -Internal control checklist (manual and IT) -Going concern/Sustainability of services checklist -Using the work of another Auditor -Using the work of an expert -Risks of material misstatement on financial statement level -Overall audit strategy -Engagement team discussion document |
| 3. Detailed Planning | -Understand the entity; identify and access risks. -Detirmine an appropriate response to access risks. Identify nature and extent of audit tests |
-System description -Reliance on key control OR -Audit programs -Sampling |
| 4. Audit fieldwork | -Perform audit procedures identified | -Evidence tracking sheet -Lead schedule on component level -Test of control -Substantive audit procedures performance -Substantive analytical procedures -Disclosure checklist -Management Representation letter -Subsequent events -Audit query -Audit summary memorandum |
| 5. Concluding reporting | -Evaluate audit evidence -Communicate to the auditee -Compile audit opinion |
-Management letter -Audit differences -Audit repoting -Matters for the attention during next year's audit -Code of Ethics complince |
| 6. Quality Evidencing | -Quality control and evidencing throughuot audit | -Quality control questionnaire |