Question

Arrange the following steps in Audit process in the correct order: (A). Formulation of audit plan.
(B). Issuance of audit report.
(C). Engagement of auditor
(D). Performing substantive procedures.

• A. (B), (A), (D), (C)
• B. (A), (C), (D), (B)
• C. (B), (A), (C), (D)
• D. (C), (A), (D), (B)

Hint:

Audit steps should follow the logical order to ensure accuracy and completeness.

Answer 1

The Correct Option is B

The correct audit process order is: Engagement of auditor → Formulation of audit plan → Performing substantive procedures → Issuance of audit report.