4.6 - Stages of an Audit

Question 1

What are the five stages of an audit, in order?

Answer 1

• obtaining the engagement
• planning
• performing procedures
• review and completion
• reporting

Question 2

Before the engagement even begins, what should be considered?

Answer 2

Professional and ethical requirements around accepting audit engagements, and an engagement letter should be sent

Question 3

What are designed at the planning stage?

Answer 3

Audit procedures