Audit Report On Audit Cycle Performance Essay

841 Words Dec 22nd, 2016 4 Pages
Audit cycle performance consists of several stages and the basic first stages are planning and preliminary survey in order to obtain general information on all areas and aspects of the audited company as well as the company 's activities and strategies that can be obtained in a short period of time. To accomplish these stages, some important points is needed including the understanding of the entity, identifying the key areas (key control), set the objectives and scope of the audit, determine the criteria of the audit, identify the audit evidence, prepare the preliminary survey, organize the preparation of the detailed test program, collect and test the audit evidence, and lastly generate the audit working papers.

Up to this point, the auditor has completed the work of collecting, testing, and documenting the data and information in the form of audit working papers. The next step is to manage this data in order in the form of audit findings. The findings of this test need to be easily and quickly understood by the reader to then communicate with the audited entity. Preparing audit findings activity is the final stage of conducting the exam (detailed audit examination) before entering the stage of reporting.

The findings of the audit can be defined as an area of potential control weakness, policy violation, or another issue that has been identified during the audit. The findings generally outline a problem that exists, a particular situation that auditors noticed that led…

Related Documents