The CPA Audit Process Overview
Major Phases of an Audit
Although every engagement is unique, most financial statement audits follow a structured process that begins before fieldwork and concludes with the issuance of an audit report.
Tip
Think of the audit process as a cycle: Plan → Assess Risks → Gather Evidence → Evaluate → Report.
Summary
Every audit follows a logical sequence designed to obtain sufficient appropriate evidence before issuing an opinion.