Stages of conducting an audit
Posted: Tue Jan 07, 2025 3:29 am
Fourthly, it is necessary to check the availability of all documents. We identify elementary errors during an audit. For example, we see a loan issued by an organization according to the accounting data, but there is no loan agreement itself. It happens that there is an additional agreement to the loan agreement, but there is no agreement itself. There are also cases when the agreement has long expired, has not been extended, etc. Of course, such things are often identified during audits.
Fifthly, similar to the previous point, you need to check the recording of rental relations. Another common case is when a company seems to pay rent, but the lease agreement has long expired. At the kazakhstan whatsapp phone number same time, there are no additional agreements on prolongation or change of terms, as well as a new agreement.
If you follow these recommendations for preparing for an audit, the procedure itself will be easier.
The audit is carried out in several stages.
Planning
An audit always begins with planning. The auditor first gets acquainted with the subject to be audited: collects information about the audited entity.
Proper planning allows you to identify important points for subsequent audit.
Conducting an audit and collecting data
After the planning stage comes the audit procedures, that is, the actual audit check.
The audit is carried out in so-called audit sections, for example:
revenue,
accounts receivable,
fixed assets, etc.
Within each of these sections, the auditor carries out certain procedures aimed at verification, requests documents on them, for example:
contracts and additional agreements to them,
reconciliation reports,
extracts,
payment orders,
primary documents,
other documents related to a particular topic of inspection.
The documents and data obtained by the auditor are otherwise called audit evidence. After receiving the necessary data, the auditor draws conclusions about the audit conducted.
Fifthly, similar to the previous point, you need to check the recording of rental relations. Another common case is when a company seems to pay rent, but the lease agreement has long expired. At the kazakhstan whatsapp phone number same time, there are no additional agreements on prolongation or change of terms, as well as a new agreement.
If you follow these recommendations for preparing for an audit, the procedure itself will be easier.
The audit is carried out in several stages.
Planning
An audit always begins with planning. The auditor first gets acquainted with the subject to be audited: collects information about the audited entity.
Proper planning allows you to identify important points for subsequent audit.
Conducting an audit and collecting data
After the planning stage comes the audit procedures, that is, the actual audit check.
The audit is carried out in so-called audit sections, for example:
revenue,
accounts receivable,
fixed assets, etc.
Within each of these sections, the auditor carries out certain procedures aimed at verification, requests documents on them, for example:
contracts and additional agreements to them,
reconciliation reports,
extracts,
payment orders,
primary documents,
other documents related to a particular topic of inspection.
The documents and data obtained by the auditor are otherwise called audit evidence. After receiving the necessary data, the auditor draws conclusions about the audit conducted.