https://kohlimaudit.sg/services_post/company-statutory-financial-audit-singapore/ An audit represents a structured process aimed at assessing the effectiveness, performance, and dependability of an organization's internal controls, policies, and procedures. provides a overview of an organization's financial and administrative performance, highlighting areas of strength and weakness. The audit process comprises multiple crucial phases, which are outlined further down. Initial Consultation The auditing procedure commences with an initial consultation between the audit professional and the client. In the course of this meeting, the audit professional acquires facts about the organization, such as its objectives, size, extent, and functional processes. These details helps the accountant to tailor the audit approach and determine key areas. Audit Planning After the introductory discussion, the auditor establishes a detailed plan outlining the extent, deadline, and resources necessary for the audit procedure. This strategy is reviewed and approved by the customer, securing that all parties involved are in agreement. The audit plan acts as a roadmap for the accountant, influencing their activities over the course of the project. Risk Evaluation The auditor conducts a risk analysis to identify likely areas of substantial risk in the organization. This is commonly accomplished using a mix of questionnaires, interviews, and review of files. This risk evaluation enables the audit professional to prioritize their work and focus on areas that present the most significant risk to the organization. Audit Examination The audit professional commences the audit fieldwork, that gathering and examining facts, observing processes, and interviewing staff. The accountant might carry out physical inspections, reconcile records, and analyze documentation, including accounting records, pacts, and procedures. This stage of the audit process is vital, as it gives the accountant with the data n