What are the phases included in the end-to-end audit process?

The end-to-end audit process is best characterized by the phases of Planning, Field Work, Reporting, and Audit Follow-up.

During the Planning phase, auditors gather relevant information to establish the scope and objectives of the audit, ensuring that they understand the environment in which they will be working. This requires assessing risks and determining the necessary resources.

In the Field Work phase, auditors carry out their detailed evaluations, which involves collecting and analyzing data, conducting interviews, and examining records. This step is critical as it forms the foundation for all findings and conclusions in the audit.

The Reporting phase comes next, where auditors compile their findings, drawing conclusions and recommendations based on the analysis conducted during the Field Work phase. A clear and comprehensive report is essential for communicating results to stakeholders.

Finally, Audit Follow-up is crucial to ensure that the recommendations have been implemented and that any issues identified are addressed. This phase also assesses the effectiveness of the audit process itself.

The phases reflected in the other options do not align with the conventional framework used in audit processes, making them less applicable to a thorough understanding of the audit lifecycle.