Problem 12: Describe the stages of an audit from beginning to end. Detail all steps in a comprehensive summary outlining individual steps and examples of how those steps would be displayed/observed/etc. in a company. Be sure to elaborate on each section by detailing, in simple terms, the objective of the specific stage.

For example, Step 1: Plan the Audit > Establish an understanding with the client as to the nature of the engagement. The auditor should prepare an audit engagement letter that outlines...