1. Planning: Define the scope, objectives, and methodology of the audit. 2. Risk Assessment: Identify potential risks and prioritize them based on their impact. 3. Fieldwork: Collect data through interviews, observations, and reviewing documentation. 4. Testing Controls: Evaluate the effectiveness of existing controls. 5. Reporting: Document findings, provide recommendations, and present the report to stakeholders. 6. Follow-Up: Monitor the implementation of recommendations and ensure continuous improvement.