Audit map Audit planning & risk identification Strategy & risk assessment Execution Conclusion and reporting

Complete preliminary engagement activities
2
Understand the business
Identify SCOTs, significant disclosure,
processes & related IT applications
Understand & evaluate the FSCP
Execute TOCs Prepare summary of audit differences (SAD)
Execute Test of journal entries & Perform FS procedures
perform other mandatory fraud
procedures Prepare the summary review memo

2
Determine the need for specialized
skills on the team
Understand entity level control
Identify ROMM due to fraud &
determine response
Determine materiality
Identify significant/material accounts
Significant flows/classes of
transactions (SCOTs)
Update TOCs
Understand SCOTs & sig disclosure, processes
Going concern
Perform walk-through
Updates Test of ITGCs Subsequent events
Select controls to test
Perform substantive procedures Contingencies
Perform general audit procedures Perform overall review and approval
Understand IT general controls (ITGCs) Prepare and deliver client communications
Design & execute test of ITGCs
Evaluate ITGCs
Make combined risk assessment

Design test of control

Design test of journal entries and other

fraud procedures

Design substantive procedures

Plan general audit procedures

Prepare audit strategy memo &

documentation