1 What are the basic steps of the audit process? 2 what are the steps of the financial statements audit? With writing the right arrange of the steps

Basic steps of audit

1 check opening balances = take the trial balance and check all ledger account balance and make sure that prevous year audited figure is matching 

2 Vouching / verification = Vouching all accounts with supporting documents

3  Verification of asset = check fixed asset register and make sure that fixed asset properly recored and depreciation properly charged  and check all supporting document

4  Check bank balance and reconciliation statment

5 checking loans = check loans secured as well as unsecured , verify loan repayment shedule from bank  loan sanction letter n all

6 check inventory is possible depending upon industry

7 Check revenue or sales with supporting documents

8 Ledger scrutiny