Identify the four phases of the audit and the relation of these phases to the objectives of a financial statement audit. Create a graphic organizer to answer the following questions and be prepared to them in a group activity.

a. What is the overall objective of the financial statement audit?

b. What are the six transaction class audit objectives?

c. What are the four account balance audit objectives?

d. What are the four disclosure audit objectives?

e. Why is understanding the entity and its environment important to planning the audit? Illustrate with an example