Which of the following lists these audit steps in the correct chronological order?
I. Create the engagement work program.
II. Conduct the exit conference.
III. Perform fieldwork.
IV. Schedule the audit engagement.
Issue a summary report of audit findings.
The correct chronological order of the audit steps is as follows: First, the audit engagement needs to be scheduled, so the auditors have a defined timeframe and plan for the audit (IV). Then, the engagement work program is created, outlining the specific procedures and tasks to be performed during the audit (I). Next, the auditors perform the fieldwork, which includes gathering and analyzing evidence related to the audit objectives (III). After the fieldwork is completed, the exit conference is conducted to discuss the findings with the client and clarify any remaining issues (II). Finally, a summary report of audit findings is issued, which documents the results and recommendations from the audit in a formal report (V). Therefore, the correct order is IV, I, III, II, V.
A is also correct: The work programme can also be created before the engagement is scheduled, if the client is busy and the audit department has time available to prepare the programme,
I think scheduling is performed during preparing the IA plan, and work program follow, as a general rule.