List of contents

5. Established Criteria

The evidence must be evaluated regarding established criteria, which include International Accounting Standards, International Financial Reporting Standards, Generally Accepted Accounting Principles, industry practices, etc.

6. Opinion

The auditor has to express an honest and professional opinion as to the reasonable assurance of the entity’s financial statements.

Conclusion on Audit Features

The most important feature of any audit is that; it is a systematic process of expressing a professional opinion financial position of a company based on gathering and evaluating the evidence.
Audit features influence the objectives of the audit to refer to the security of the information and systems, the protection of the personal data, and access to some databases with a sensitive informational character.

2. 
   STAGES OF AUDIT. PRELIMINARY REVIEW (PLANNING)
   

Audit Process

The Internal Audit Process from Beginning to End

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  Audit Process

  Although every audit process is unique, the audit process is similar for most engagements and normally consists of four stages: Planning (sometimes called Survey or Preliminary Review), Fieldwork, Audit Report and Follow-up Review. Client involvement is critical at each stage of the audit process. As in any special project, audits require a certain amount of time being diverted from your department’s personnel. One of the key objectives is to minimize this time and avoid disrupting ongoing activities.

  
  
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  Planning

  During the planning portion of the audit, the auditor notifies the client of the audit, discusses the scope and objectives of the examination in a formal meeting with organization management, gathers information on important processes, evaluates existing controls (when existing narratives and flow charts are available) and plans the remaining audit steps.

  
  
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