Audit Stages

Question 1

What are the stages in an audit?

Answer 1

1. Client acceptance and continuance
2. Planning
3. Execution
4. Reporting

Question 2

Explain what is done in stage 1

Answer 2

• the auditor decides whether or not to accept the client
• will assess the client’s integrity and determine whether there are any significant staffing constraints, independence issues, or other factors that would prevent the pratictioner from accepting a new client or continuing with an existing one