The financial audit process generally involves several steps: 1. Planning: Defining the scope of the audit and gathering preliminary information. 2. Fieldwork: Collecting and reviewing financial data, including accounts payable, accounts receivable, and payroll records. 3. Analysis: Analyzing the data to identify discrepancies, inefficiencies, or areas of concern. 4. Reporting: Compiling findings into a report that outlines any issues discovered and recommendations for improvement. 5. Follow-up: Implementing recommended changes and conducting subsequent audits to ensure compliance.
