The Stages of an Audit Read the overview below and complete the activities that follow. 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. CONCEPT REVIEW: 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 five stages: 1) Obtain or Retain Engagement; 2) Engagement Planning; 3) Risk Assessment; 4) Audit Evidence; 5) Reporting