Question 5

Although you are only a junior member of an audit team, you will most likely have some involvement throughout the entire audit process. What are the four phases of an audit engagement according to EY Global Audit Methodology (EY GAM)?

A. Initial planning, Identify and assess risks, Design and execute responses to risks, Conclude and communicate

B. Understand the business and identify risks, Determine audit strategy, Execute audit procedures to address risks, Conclude and communicate

C. Client acceptance, assess risks and determine audit stratedy, Execute audit procedures to address risks, conclude and issue audit reports

D. Understand the business and identify risks, Determine audit strategy, Design and execute responses to risks, Conclude and communicate