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 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
  
 
 

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