AUDIT PROCESS FLOW

Accounts where there is reasonable possibility of mistatements that individually or when aggregated with others could be material
Each significant account is linked to the business process (eg: revenue process, purchassing process, payroll process, etc.)
The processing of transactions related to the signicant accounts
Where misstatements could occur in the processing of transactions
Understand
the
Business and
Assess
Business
Risks
Identify
Significant
Accounts and
Relevant
Assertions
Understand
Underlying
Activities and
Processes
Identify What
Could Go
Wrong
Identify
Relevant
Controls over
WCGWs
Test Design and
Implementation of
Controls
Test
Operating
Efectiveness
of Contols
Accounts where there is reasonable possibility of mistatements that individually or when aggregated with others could be material
Each significant account is linked to the business process (eg: revenue process, purchassing process, payroll process, etc.)
The processing of transactions related to the signicant accounts
Where misstatements could occur in the processing of transactions
Operating
Efectiveness

Perform
Substantive
Testing