[Anonymous]

I’m trying to outline the audit process broken down in 7:

-Acceptance

-Plan the audit

-Assess Risk

-Respond to the Assessed Level of Risk

-Evaluate the Sufficiency and Appropriateness of Evidence Obtained

-Other Requirements

-Prepare the Audit Report.

Under the audit planning, accordingly there are 4 key factors such as:

-Knowledge

-Audit Strategy

-Audit Plan

-Risk Assessment Procedures

Under assessment of risk, there is this mnemonic, “IM A CPA”.

I’m so confused now. I find this process insanely repetitious. I could not make these steps straight.

When planning the audit, process #3 is to develop audit plan and process#4 is to understand the EEIC, assess RMM, & design “NET”. And when assessing risk, process#2 is also to assess the RMM?

I can learn or walk through step 1 up to step 20, or maybe up to step 50 in order and in time. But if I have to go up and down the steps, step 1 through step 9 then go back down to step 3 then go back up 6, I for sure will trip and fall.

Please help. Thanks,