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.

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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 six phases: $1)$ Planning the audit; $2)$ Obtaining an understanding of the client and its environment, including internal control; $3)$ Assessing the risks of misstatement and designing further audit procedures; $4)$ Performing further audit procedures; $5)$ Completing the auditing; and $6)$ Forming an opinion and issuing the audit report.