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audit procedure that the audit may use in providing assurance engagement

audit procedure that the audit may use in providing assurance engagement

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The assurance engagement process is divided into four stages and at each stage audit procedure is used:

1) Preparing-In this stage of the assurance engagement process, the audit team leader completes acceptance or continuance procedures to assess the risks in accepting the engagement.The audit team leader also determines whether the assurance engagement will be possible based on the criteria and subject matter, and develops a plan to undertake an audit that is efficient, effective and in compliance with both the assurance engagement terms and the legislation governing

2)Planning-In this stage he analyzes risks that will affect the audit team leader’s ability to form a conclusion on the matter to be audited (assurance risks), and level at which an instance of non-compliance will affect the decisions people make.

3)Performance: During this stage, the auditor gathers evidence to support the assurance conclusions by undertaking the procedures developed during the planning stage.

4) Reporting-Before issuing the assurance engagement report, the audit team leader obtains written representations from management regarding the completeness and accuracy of the information provided to the audit team leader, and other matters including the audited body’s compliance with the legislation

jeff jeffy answered 6 months ago
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