Bob works in operations for A&A Accounting Firm. He has decided to document activities related to the firm's audit process to try to identify opportunities for innovation and efficiency. $($The audit process is the equivalent of a production cycle in an accounting firm and involves the systematic process of delivering professional services and producing deliverables for clients. Unlike manufacturing firms that produce physical goods, accounting firms provide specialized services, such as audits.$)$ Bob drafted the following narrative outlines the key steps involved in the audit process.

Audit Engagement Process

The audit process begins with client engagement, where the engagement partner conducts initial client meetings to understand client needs and to draft an engagement letter. The engagement letter formalizes the agreement on the scope of services, timelines, fees, and responsibilities of both parties.

Next is the project planning and scheduling phase. The project manager receives the engagement letter and, based on the scope of the project, assigns appropriate team members, sets deadlines, and outlines the workflow. The project manager drafts a detailed plan for the engagement, including task assignments and timelines, ensuring that all aspects of the audit are covered efficiently.

Then the audit planning and fieldwork phase involves the engagement team gathering necessary financial documents, records, and other relevant data from the client. Data and audit evidence are meticulously analyzed and tested to identify key areas of risk and fulfill audit testing and reporting requirements. Audit procedures often include testing controls, verifying transactions, and ensuring compliance with GAAP. The team works collaboratively, utilizing audit software and tools to maintain accuracy and efficiency throughout the audit process.

Quality control is a critical step to ensure the audit meets professional standards and client expectations. The quality control partner reviews the audit report, checklists, and areas of high risk. Issues identified during this review are referred back to the engagement partner, who addresses issues with support from the engagement team.

Effective communication with the client is maintained throughout the audit by the engagement partner. The partner shares interim status updates and preliminary findings with the client to keep them informed. Client feedback is actively sought and incorporated into the audit process to address any concerns.

The culmination of the audit is the preparation and delivery of the auditor's report and communications with governance by the engagement partner. The auditor's report is delivered to the client, accompanied by an explanation of findings and recommendations.

After the delivery of the final deliverables, a post$-$engagement follow$-$up is conducted by the engagement partner. The partner discusses the outcomes with the client, obtains feedback, and identifies opportunities for additional work allowed under audit standards. The partner also documents any lessons learned and areas for improvement for future audits and shares those conclusions with the engagement team.

Prepare a Business Process Diagram to document the process. Submit an Excel workbook as an Excel file.