! Required information [The following information applies to the questions displayed below.] The Stages of an Audit Every audit is unique, and specific procedures performed will vary based on the client, industry, and people involved; however, every audit that is performed in accordance with Generally Accepted Auditing Standards follows the same six steps. Although specific elements are required along each step of an audit and will be varying and modified specific to each engagement, every audit goes through the same six phases: 1) Planning the audit; 2) Obtaining an understanding of the client and its environment, including internal control; 3) Assessing the risks of misstatement and designing further audit procedures; 4) Performing further audit procedures; 5) Completing the auditing; and 6) Forming an opinion and issuing the audit report. Answer is complete but not entirely correct. 1. Audit 2. begins with determining the requirements for the engagement. assessment procedures are performed when obtaining an understanding of the client. planning Audit 3. risk is the risk of material misstatement of an assertion without considering internal control. Audit 4. Tests of controls are performed to determine whether key controls operate efficiently 5. The final step of an audit is issuing the audit report