Understand Audit process in 6 easy steps

6 SPECIFIC STEPS IN THE AUDIT PROCESS PART 1

WHAT ARE THE TYPES OF AUDIT There are mainly two types of Audit: 1. Internal Audit 2. External Audit

WHAT ARE THE 6 STEPS OF AUDIT? From Document requesting to meeting setup for the compilation of unaudited statements.

A timeline of the actions Required in an Audit process given here

1. Financial Document Request

2. Audit Plan

3. Call a Meeting

6. Setting Up a Closing Meeting

4. Tests for compliance

5. Report detailing

1. DOCUMENT REQUESTING Document requesting is the first process in which Auditor request for checklist where he may request organization’s • Previous audit report • Bank statements • Receipts • Ledgers

2. AUDIT PLANNING As the Auditor gets those documents, the next process start with • Identifying possible problems • How the audit will be conducted

3. CALL A MEETING After Audit planning of unaudited financial statements an open meeting is conducted by senior management.

In that meeting topics covered are: • Scope of the audit • Time frame • Scheduled vacations • Timing issues

PART 2 WILL BE UPDATED SOON. For more information in detail you can reach to Ze accounting in Singapore. They handle all types of financial issues like compilation of unaudited statements easily and at cheap rates.

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