The audit process generally involves several key steps:
1. Planning and Risk Assessment: The auditor will plan the audit and assess the risk of material misstatements in the financial statements. 2. Internal Control Evaluation: They will evaluate the effectiveness of the company's internal controls. 3. Substantive Testing: Detailed testing of financial transactions and balances to verify their accuracy. 4. Audit Report: The auditor will prepare a report summarizing their findings, including any identified issues and recommendations for improvement.