Topic № 33
Conducting an Audit

What is the purpose of conducting an audit?

The prime purpose of the audit is to form an opinion on the information in the financial report taken as a whole, and not to identify all possible irregularities. This means that although auditors are on the look-out for signs of potential material fraud, it is not possible to be certain that frauds will be identified.

What are the five process steps to an audit?

There are five phases of our audit process: Selection, Planning, Execution, Reporting, and Follow-Up.