ugl SpeCilL Llements are required along each step of an audit and will be varying and modift to each engagement, every audit goes through the same six phases: 1) Forming an opinion and iss audit report; 2) Planning the audit; 3) Assessing the risks of misstatement and designing further au procedures; 4) Completing the auditing; 5) Performing further audit procedures; and 6) Obtaining a understanding of the client and its environment, including internal control. begins with determining the requirements for the engagemert. assessment procedures are performed when obtaining an understanding of the client 1. Audit 3.risk is the risk of material misstatement of an assertion without considering internal control 4. Tests of controls are performed to determine whether key controls operate 5. The final step of an audit is issuing the audit opinions planning reporting risk strategy