9 Steps of the auditing process - Auditing for beginners - what is audit?

In todays video I am going to talk you through the 9 steps to the auditing process, here I touch on the engagement letter, what you might expect to find within the engagement letter, the audit planning process and what considerations the auditor might have as part of this process. Then I talk you through the testing of controls and systems and the importance of this part of the audit plan.

Following this I talk you through what happens once the auditors have planned their audit engagement, where we then move onto physical verification and onsite or on-field testing and obtaining evidence, completion and finally the appointment or re appointment of the auditors at the annual general meeting or AGM.

This video might be useful to you if you are brand new to audit or have recently acquired an auditing position within deloitte, grant thornton, pwc, kpmg, pwc or another accounting practice. Alternatively it might also be useful if you are studying aat level 3, or aat level 4 (aat external auditing) and are trying to gain a good understanding of audit and the auditing process.

Please feel free as always to leave any comments or questions below as it is always nice hearing from you all :) consider subscribing and smash that like button if you found it useful x

This is applicable to UK audits only but make sure to please seek professional advice from an accountant or auditor if you have any questions around audit as this video is for entertainment purposes only.

[bucks]

Just started a trainee role today. This is the best video I’ve found on audit so far. Thank you

[RebeccasFinanceTutorials]

It would be lovely to hear your own experiences of audit below :)

[adriancanning]

It sounds all very complicated, am sticking to bookkeeping.