Audit is defined as the process of validating and checking
financial disclosures and statements. Below are steps of auditing
process:
- The first step is to intimate about the audit dates and request
for all financial statements and documents from the
organization.
- After reviewing the documents audit plan is drafted.
- Meetings are scheduled with senior management and concerned
departments for further information and clarifications.
- The conduct field audits to check processes and controls in the
organization.
- The audit report is drafted which contains any compliance
issues or errors found during the audit. The problems are
documented and solutions are suggested to the organization.
- Closing meeting is conducted with all parties involved to
establish the action plan for discrepancies encountered during the
audit and expected completion date for the action plan.