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Audit Process

Assist and guide in auditing

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Hardlife Chinoda
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41 views1 page

Audit Process

Assist and guide in auditing

Uploaded by

Hardlife Chinoda
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Audit Process

The steps for conducting an internal audit for an engagement are as follows:

1. Understand the internal and external context of the activity under review.
2. Identify the risks surrounding the activity.
3. Assess the risks.
4. Identify the controls that mitigate the risks.
5. Examine the existence, adequacy, and effectiveness of the controls.
6. Document the findings.
7. Make recommendations.

After these steps, the report should be prepared.

It is important to note that all steps primarily depend on step 1, which is a


deep and accurate understanding of the internal and external context.

Some may rush through understanding the activity and jump to risk
identification to save time. This can lead to weak risk identification and
assessment, resulting in inadequate examination of controls, ultimately leading
to unsatisfactory results.

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