What is audit roadmap? Discuss in detailed the audit roadmap based on the picture. Professional Skepticism Framework

 What is audit roadmap?

Discuss in detailed the audit roadmap based on the picture.

 

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Professional Skepticism Framework of Auditing and Assurance Engagements Risk Assessment Audit Evidence and Documentation Preliminary Engagement Activities Planning an Audit Considering materiality and audit risk Risk-based Audit Process Responding to assessed risks on financial statements level Understanding the entity & its environment (including internal controls) Risk Response Identify & assess risks of material misstatements Responding to assessed risks on assertions level Extent of testing Frauds, errors, and non- compliance with laws & regulations Conclusion & Reporting Completing the audit & forming an opinion on the financial statements Considering Other Specific Audit Areas Audit Quality, Governance, Ethics Issuing the auditor's report Post-audit responsibilities including final assembly of audit files Professional Judgment Professional Skepticism Framework of Auditing and Assurance Engagements Risk Assessment Audit Evidence and Documentation Preliminary Engagement Activities Planning an Audit Considering materiality and audit risk Risk-based Audit Process Responding to assessed risks on financial statements level Understanding the entity & its environment (including internal controls) Risk Response Identify & assess risks of material misstatements Responding to assessed risks on assertions level Extent of testing Frauds, errors, and non- compliance with laws & regulations Conclusion & Reporting Completing the audit & forming an opinion on the financial statements Considering Other Specific Audit Areas Audit Quality, Governance, Ethics Issuing the auditor's report Post-audit responsibilities including final assembly of audit files Professional Judgment

Answer rating: 100% (QA)

The audit roadmap is a framework used by auditors to plan and conduct audits The picture you provided outlines a basic audit roadmap consisting of fiv... View the full answer