what are the stages of auditing process
The general stages of an auditing process are:
1. Planning: This is where the auditor identifies the scope of the audit, the objectives, the nature and extent of audit procedures, and the timeline for completion.
2. Evaluation of Internal Controls: The auditor evaluates the overall effectiveness of the company's internal controls and determines if they are designed and operating effectively to minimize risk.
3. Data Collection: The auditor collects the necessary data and documentation to support the findings that will be included in the audit report.
4. Testing: The auditor performs testing on the collected data to ensure that it is accurate and complete.
5. Analysis: The auditor analyzes the results of the testing and compares them to the expected outcomes to identify any discrepancies or issues.
6. Reporting: The auditor prepares a report summarizing the audit findings, including any areas of improvement, and communicates the results to management or relevant stakeholders.