What are the major phases of an audit What are the primary e

What are the major phases of an audit?

What are the primary elements involved in the planning phase of an audit?

Solution

What are the major phases of an audit?

1. Client acceptance
2. Preliminary engagement activities
3. Plan the audit
4. Consider and audit internal control
5. Audit business processes and related accounts
6. Complete the audit
7. Evaluate results and issue audit report.

What are the primary elements involved in the planning phase of an audit?

1 Risk Assesment

2 Determining materiality.