Question

Describe in detail the audit process required in performing an audit from beginning to end. Identify how you would address auditing standards in your work.

Answer 1

The audit process described all the steps and procedures to be taken in the completion of an audit.

Mostly all the audit are starts with the engagement with the firms and companies and other body of corporates

Step by step process of audit and audit standards covered in each step are as follows :-

1. Engagement procedure ( all standards relating to audit engagement will be covered )

2. Audit planning ( all planning standards are covered)

3. Performance of audit (policies and procedural standards are covered )

4. Collection of audit evidences (all standards relating to collection of auditing evidences and recording of audit evidence is covered)

5. Documentation of audit (documentation, maintenance of current fila and permanent file is covered )

6. Expressing the opinion and reporting the audit report ( all the standards relating to reporting requirements are covered )

In detail explanation the process of auditing is as follows :-

1. The auditing starts with engagement between the auditors and business people.

2. Auditors tries to get the entire knowledge about the client's nature of business and the active operations in the business.

3. As per the knowledge gained in the above step, auditor and audit team draft the audit plan which consists of audit programs and procedures to be done in the audit at client place.

4. After the audit planning the performance of audit is done which includes the collection of evidences by implementing audit techniques and all principles.

5. After completion of the audit, all the evidences are collected together and all the evidence are documented with auditor and all those evidences are divided into current audit file and permanent audit file.

6. After collection of all evidences based on the audit evidences the auditor comes to an opinion on the financial statements and express the opinion.

7.After expressing the opinion the auditor give audit report to the business people including all the details of audit.

8. the preparation and presentation of audit report is the end of all the processes.

These are all the required information regarding the question.

I hope, all the above given points and explanations are useful and helpful to you.

Thank you.