01. Client acceptance, KYC, agreed audit fees and engagement letter
02. Procedures to ensure that the engagement team is independent from the firm
03. Internal meeting including the whole audit team and the partner
04. Consider all the laws and regulations applicable to the client
05. Signed competence form by all team members
06. Cost and budget preparation based on time spent on engagement
07. Understanding the entity and its environment
08. Understanding the planned audit approach
09. Considering the use of CAATs for the testing of the accounts captions
10. Understanding the process of the significant accounts identified
11. Performing the IT general control
12. Completing the planning, strategy and risk assessment procedures
13. Testing the operating effectiveness of controls
14. Performing the substantive testing
15. Reassessing materiality from planning stage to completion and assessment
16. Management letter to client
17. Obtaining letter of representation from management
18. Reviewing and issuing of audit report
Understanding the Basic Fundamentals and Practical Approach to Auditing
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