Question: Please briefly discuss the steps in the audit process. Explain it. 1) plan the audit 2) obtain an understanding of the client and its environment,

Please briefly discuss the steps in the audit process. Explain it.

1) plan the audit

2) obtain an understanding of the client and its environment, including internal control

3) asses the risks of misstatement and design further audit procedures

4) perform further audit procedures

5) Complete the audit

6) form an opinion and issue the audit report

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